By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 9 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Wednesday morning, seeing some consolidation after Tuesday’s rally.
Chart-based positioning was a feature after prices hit their highest levels in two years on Tuesday.
Cold overnight temperatures and more frost in parts of the Prairies remained supportive. However, forecasts calling for warmer temperatures over the weekend and little precipitation helped lessen the weather concerns.
A firmer tone in the Canadian dollar and weakness in Chicago Board of Trade soyoil also put some pressure on canola.
About 5,000 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Price Change
Canola Nov 511.20 up 0.30
Jan 517.70 dn 0.10
Mar 521.90 dn 0.70
May 524.70 dn 1.60
