By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 19 (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, with the largest gains in the new crop contracts as values hit new highs.
Activity was choppy, with light volumes in the front months leading to some wide price swings, according to a trader.
Weather concerns in Western Canada accounted for much of the strength in the new crop months, with dryness and cold temperatures raising early concerns over the yield potential as spring seeding will soon get underway across the Prairies.
Gains in Chicago Board of Trade soybeans provided underlying support for canola, but soyoil was softer on the day.
About 11,000 canola contracts traded as of 10:50 CDT.
Prices in Canadian dollars per metric tonne at 10:50 CDT:
Price Change
Canola May 837.50 up 4.10
Jul 775.90 up 6.00
Nov 660.10 up 8.40
Jan 660.20 up 7.90
