By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 2 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Thursday morning in thin and choppy trade.
After posting losses for most of the past week canola was due for some consolidation from a chart standpoint.
While seasonal harvest pressure would normally weigh on prices at this time of year, this year’s drought cut into production and confirmation of the low yields as the harvst progresses was somewhat supportive.
Chicago Board of Trade soybean and soyoil futures traded to both sides of unchanged overnight, but were moving higher Thursday morning.
Ideas that canola is overpriced compared to other vegetable oils put some pressure on the market, keeping canola in a narrow range.
About 4,100 canola contracts had traded as of 8:55 CDT.
Prices in Canadian dollars per metric ton at 8:55 CDT:
Price Change
Canola Nov 892.20 up 1.40
Jan 876.40 up 0.30
Mar 858.00 unchanged
May 839.10 dn 1.20
