By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 5 (MarketsFarm) – The ICE Futures canola market was mostly stronger at midday Monday, taking some direction from Chicago Board of Trade soybeans and soyoil as activity resumed following the Easter long weekend.
Concerns over tightening old crop canola supplies, as both exports and the domestic crush continue to run at a solid pace, were especially supportive for the front months.
Dry weather conditions across much of the Canadian Prairies ahead of spring seeding also provided some support.
However, the new crop contracts lagged to the upside, with the market anticipating increased seeded area. Strength in the Canadian dollar, which neared 80 U.S. cents, also put some pressure on values.
About 6,800 canola contracts traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Price Change
Canola May 747.20 up 6.40
Jul 707.90 up 6.30
Nov 618.60 up 0.90
Jan 620.40 up 0.20
