By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 14 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning as the market saw some follow-through strength after Tuesday’s gains.
Early strength in the Chicago Board of Trade soy complex contributed to the firmer tone in canola. Malaysian palm oil and European rapeseed futures were also higher in overnight activity.
Ongoing concerns over tight old crop supplies remained a supportive fundamental influence, with dryness concerns for the new crop also underpinning the market despite recent beneficial moisture in the eastern Prairies.
About 3,200 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric ton at 8:39 CDT:
Canola May 821.40 up 4.20
Jul 748.70 up 6.50
Nov 634.90 up 2.40
Jan 637.20 up 3.10
Futures Prices as of April 14, 2021
Prices are in Canadian dollars per metric ton