By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 4 (MarketsFarm) – The ICE Futures canola market was up sharply Thursday morning, posting new record highs in many months.
A rally in Chicago Board of Trade soyoil and a move to fresh contract highs in European rapeseed futures contributed early spillover support to canola.
The need to ration tightening old crop supplies remained a key driver of the market, with bullish technical signals also supportive.
A firm tone in the Canadian dollar put some pressure on values.
Scale-up farmer hedges and ideas that canola is looking overpriced at current levels also slowed the advances slightly.
About 8,500 canola contracts had traded as of 8:53 CST.
Prices in Canadian dollars per metric ton at 8:53 CST:
Price Change
Canola May 790.00 up 22.70
Jul 744.80 up 16.50
Nov 618.50 up 7.90
Jan 619.90 up 6.60
