By Glen Hallick, MarketsFarm
WINNIPEG, March 4 (MarketsFarm) – ICE Futures canola contracts were up Monday morning, following sharp losses on Friday.
Canola futures this morning were up approximately C$2 to C$3 per tonne, with the May contract at C$463.20 per tonne.
Recent weakness in canola, relative to its production value, could generate commercial bargain hunting, according to a report.
Also, there a still hopes of a bounce in canola following recent losses.
The South American soybeans have continued to enter the global market in larger amounts.
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The soybean complex on the Chicago Board of Trade was up Monday morning, supporting canola. The May soybean contract gained 12 cents to US$9.24 per bushel.
The Canadian dollar on Monday morning was at 75.18 U.S. cents.
About 12,000 canola contracts had traded as of 8:51 CST.
Prices in Canadian dollars per metric ton at 8:51 CST:
Price Change
Canola May 463.20 up 1.90
Jul 471.80 up 1.70
Nov 484.60 up 1.60
Jan 492.40 up 2.70
