By Marlo Glass, MarketsFarm
WINNIPEG, March 11 (MarketsFarm) – The ICE Futures canola market showed strength at midday on Wednesday, continuing the previous day’s pricing trends.
Trading activity has been relatively subdued due to considerable uncertainty posed by plummeting crude oil prices. However, one Winnipeg-based trader said commodity markets have “stabilized” after significant losses incurred on Monday.
The Canadian dollar has remained below 73 U.S. cents for the first time in over four years. That has made canola prices relatively attractive.
Strength in the soy complex on the Chicago Board of Trade was also supportive of canola values. Soyoil has regained most of the considerable ground that was lost earlier in the week.
About 8,000 canola contracts traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Price Change
Canola May 463.80 up 2.90
Jul 471.60 up 2.30
Nov 480.60 up 0.90
Jan 487.40 up 0.90
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