By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 4 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Tuesday, seeing a continued correction off of recently hit lows.
While traders were still cautious over the coronavirus outbreak in China, gains in the equity markets were helping ease those concerns somewhat, according to a broker.
Gains in Chicago Board of Trade soyoil provided some spillover support, adding to the chart-based buying interest.
Statistics Canada releases its latest stocks of principal field crops report on Wednesday, Feb. 5, and any surprises in the data could sway the canola market. With many fields left unharvested this past fall, traders are uncertain how the crops still to be harvested in the spring will be accounted for in the data.
About 15,500 canola contracts traded as of 10:52 CST.
Prices in Canadian dollars per metric tonne at 10:52 CST:
Price Change
Canola Mar 455.30 up 2.80
May 464.60 up 3.00
Jul 471.40 up 3.00
Nov 480.30 up 2.80
