By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 23 (MarketsFarm) – The ICE Futures canola market was posting solid gains Thursday morning, as it continued to correct off of the nearby lows hit earlier in the week.
Gains in the Chicago Board of Trade soy complex contributed to the early strength in canola. European rapeseed and Malaysian palm oil futures were also up overnight, with a firmer tone in crude oil behind some of the buying interest in the vegetable oil markets.
However, early strength in the Canadian dollar put some pressure on values.
About 5,400 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Price Change
Canola May 457.50 up 3.80
Jul 463.50 up 3.30
Nov 472.00 up 3.00
Jan 477.50 up 1.80
