By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 12 (MarketsFarm) – The ICE Futures canola market was narrowly mixed at midday Friday, with a firmer tone in the nearby contracts and losses in the more deferred positions.
Positioning ahead of the weekend was a feature as canola consolidates just below major resistance of C$470 per tonne in the July contract and C$473 in new crop November.
The Canadian dollar was holding relatively steady, after dropping sharply relative to its United States counterpart on Thursday.
The Chicago Board of Trade soy complex was also providing little direction. Soyoil was slightly weaker, while soybeans traded within a penny of unchanged.
Weekly Canadian Grain Commission data showed ample supplies in the commercial pipeline of just under one million tonnes.
About 13,500 canola contracts traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Price Change
Canola Jul 468.50 up 0.70
Nov 472.30 up 0.50
Jan 478.30 dn 0.20
Mar 483.90 dn 0.80
