By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 25 (MarketsFarm) – The ICE Futures canola market was weaker at midday Thursday, with the largest losses in the old crop months as sharp declines in Chicago Board of Trade soyoil weighed on prices.
The futures have traded within a wide range over the past week, posting large gains one day only to be followed by large losses the following session. That volatility was making hard to get a read on the market, according to a trader who expected much of the choppiness was linked to speculative fund traders.
The underlying fundamentals of tight old crop supplies remain supportive, with weakness in the Canadian dollar on Thursday also tempering the declines in canola.
About 8,500 canola contracts traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Price Change
Canola May 778.30 dn 17.80
Jul 730.50 dn 13.30
Nov 605.70 dn 9.10
Jan 611.20 dn 7.50
