By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 22 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Monday morning in thin and choppy trade.
Losses in the Chicago Board of Trade soy complex and a steady tone in the Canadian dollar put some pressure on values.
Chart resistance also held to the upside, with the most active November contract nearing the psychological C$480 per tonne level before backing away. The contract last tested that resistance level in late-May before retreating.
Crop conditions remain relatively favourable across Western Canada, although excessive moisture in some areas and mounting dryness concerns in others helped keep some weather premiums in the market.
About 5,000 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola Jul 474.00 up 0.10
Nov 477.50 dn 0.60
Jan 483.50 dn 0.60
Mar 488.90 dn 0.70
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