By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 8 (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, hitting new highs in the most active May contract as a rally in the Chicago Board of Trade soy complex provided support.
Soyoil futures climbed to new contract highs Monday morning, which helped boost canola crush margins.
Solid end user demand also remained supportive, as the canola market continues to work to ration that demand in the face of tightening supply projections.
Extreme cold warnings across the Prairies also underpinned the canola market, with farmer deliveries and rail movement likely to see a slowdown as the temperatures drop.
About 13,700 canola contracts traded as of 10:45 CST.
Prices in Canadian dollars per metric tonne at 10:45 CST:
Price Change
Canola Mar 698.90 up 6.60
May 684.60 up 10.00
Jul 660.40 up 6.50
Nov 565.30 up 6.00
