By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 14 (MarketsFarm) – The ICE Futures canola market was holding onto small gains in most months Thursday morning, although activity was thin and choppy.
Overnight gains in Malaysian palm oil and European rapeseed futures provided some support, while Chicago Board of Trade soyoil futures were steady in early activity.
Bullish chart signals, solid end user demand, and weakness in the Canadian dollar all contributed to the gains in canola. A lack of significant farmer selling, as producers turn their attention to spring seeding, also provided some support.
Ample old crop supplies and relatively favourable spring seeding weather across most of the Prairies put some pressure on values.
About 2,000 canola contracts had traded as of 8:58 CDT.
Prices in Canadian dollars per metric ton at 8:58 CDT:
Price Change
Canola Jul 472.40 up 0.90
Nov 477.50 up 0.20
Jan 484.00 up 0.60
Mar 489.60 up 0.80
