By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 20 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Friday, as the market continued to correct off of the contract lows hit to start the week.
Gains in Chicago Board of Trade soybeans and soyoil provided some spillover support for canola, with speculative positioning ahead of the weekend a feature.
However, the ongoing uncertainty over the COVID-19 pandemic kept some caution in the market, leading to thin and choppy activity.
A stronger tone in the Canadian dollar, which was moving back above 70 U.S. cents also put some pressure on values.
About 12,000 canola contracts traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Price Change
Canola May 463.50 up 0.60
Jul 470.80 up 0.30
Nov 478.90 0.00
Jan 485.90 up 0.30
