By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 1 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Monday, taking some direction from Chicago Board of Trade soybeans and soyoil.
Speculative short-covering accounted for some of the buying interest, with intermonth spreading another feature as participants were starting to roll out of the nearby March contract, according to a broker.
Spring road bans and a lack of significant farmer selling was also supportive.
However, uncertainty over the trade situation with China remained a bearish influence in the background.
“We’re still in this sideways trading range we’ve been in for a while, waiting to see if there’s any new information on China,” said the broker.
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 457.10 up 1.80
Jul 464.90 up 2.00
Nov 476.90 up 2.40
Jan 484.30 up 3.50
