By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 11 (MarketsFarm) – The ICE Futures canola market was mixed at midday Tuesday, with losses in the nearby July contract and gains in the more active new crop months.
Activity was volatile and choppy, as values swung within wide ranges.
Farmer hedges had come forward in overnight trade to weigh on the new crop months, but that selling subsided and fund buying came forward to take prices higher again.
Dryness concerns across Western Canada and spillover from advances in the Chicago Board of Trade soy complex added to the firmer tone in the new crop contracts.
However, profit-taking kept the nearby July conttract under pressure, with recent strength in the Canadian dollar also bearish.
About 20,000 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Jul 970.10 dn 5.80
Nov 739.70 up 5.80
Jan 732.00 up 5.50
Mar 719.60 up 2.00
