By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 7 (MarketsFarm) – ICE Futures canola contracts were stronger Tuesday morning, as the market saw a modest chart-based correction off of its nearby multi-year lows.
A softer tone in the Canadian dollar and gains in Chicago Board of Trade soybeans provided additional support, according to participants.
Statistics Canada pegged canola stocks in the country as of March 31 at 10.019 million tonnes, which was a record for the end of March and about a million tonnes above the year-ago level.
The large stocks did little to move the market, as the large supplies were within trade expectations.
The ongoing trade issues with China remained a bearish influence in the background.
About 6,000 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Price Change
Canola Jul 435.10 up 2.70
Nov 448.50 up 2.60
Jan 455.10 up 2.90
Mar 461.30 up 3.40
