By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 27 (MarketsFarm) – The ICE Futures canola market was posting small gains at midday Monday in choppy activity.
Speculative short-covering ahead of the month-end accounted for some of the buying interest, as the canola market held above major chart support. A slowdown in farmer selling also helped underpin the futures, as producers focus on finishing the 2019 harvest and preparing for seeding the 2020 crop.
However, the upside was limited by spillover selling pressure from the softer tone in Chicago Board of Trade soyoil. Early strength in the Canadian dollar also weighed on values.
About 17,000 canola contracts traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola May 459.30 up 3.30
Jul 460.50 up 1.20
Nov 469.00 up 1.00
Jan 475.60 up 1.40
