Glacier FarmMedia — The ICE Futures canola market was narrowly mixed at midday Tuesday, retreating from earlier gains as losses in Chicago soyoil weighed on values.
Ideas that canola was due for a correction after dropping sharply on Friday provided some underlying support as activity resumed following the Canadian long weekend. The canola market was closed on Monday while the Chicago futures traded their usual hours.
While soyoil was weaker at midday, soybeans were steady after moving higher on Monday which provided some underlying support.
Mixed Prairie growing conditions kept some weather premiums in the market, with dryness in some areas countered by relatively favourable weather elsewhere.
An estimated 27,600 canola contracts traded as of 10:27 CDT.
Prices in Canadian dollars per metric tonne at 10:27 CDT:
Canola Nov 682.50 up 0.30
Jan 693.80 unchanged
Mar 702.40 dn 0.40
May 709.20 unchanged
