WINNIPEG, Manitoba--Intercontinental Exchange canola futures were narrowly mixed at midsession Thursday, as opposing factors work to keep the Canadian oilseed rangebound, a trader said.
Trading in canola resumed after the Canada Day holiday on Wednesday.
While a record amount of planted canola acres applied pressure onto prices, the recent heavy rains will cut into potential harvested acres, the trader said.
Rain was forecast to dominate the Prairie weather outlook, with temperatures in the eastern half of the region climbing into the high-20 degrees Celsius or more starting the weekend.
The trader added that demand for canola, foreign and domestic, remains strong.
