By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 4 (MarketsFarm) – The ICE Futures canola market was holding onto small gains at midday Wednesday, retreating from earlier highs as a downturn in the Chicago soy complex weighed on values.
The most-active November contract had rallied by nearly C$30 per tonne in early activity, but ran into resistance and drifted towards unchanged as a selloff in CBOT soyoil weighed on prices.
However, ongoing concerns over hot and dry Prairie weather cutting into the size of the Canadian crop remained supportive, as industry participants lower their yield expectations.
The Canadian dollar was holding relatively steady, providing little direction.
About 15,500 canola contracts traded as of 10:56 CDT.
Prices in Canadian dollars per metric tonne at 10:56 CDT:
Price Change
Canola Nov 859.50 up 4.40
Jan 848.70 up 4.20
Mar 836.70 up 4.00
May 818.30 up 4.90
