By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 11 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, taking some direction from the Chicago Board of Trade soy complex.
Improving technical signals, solid end-user demand and a weaker tone in the Canadian dollar added to the early strength in canola.
Cold Prairie temperatures were also somewhat supportive, although forecasts calling for improved seeding weather over the next week put some pressure on values.
Large old crop supplies and ongoing concerns over the COVID-19 pandemic also kept some caution in the market.
The United States Department of Agriculture releases its monthly supply/demand estimates on Tuesday, and pre-report positioning is expected.
About 1,000 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola Jul 472.00 up 3.40
Nov 477.40 up 2.50
Jan 483.40 up 2.70
Mar 489.60 up 2.80
