By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 2 (MarketsFarm) – The ICE Futures canola market was posting solid gains Tuesday morning, seeing a continuation of Monday’s recovery off nearby lows.
Strength in Chicago soyoil provided spillover support, with European rapeseed and Malaysian palm oil futures also higher as activity resumed in those markets after May Day holidays.
A softer tone in the Canadian dollar also helped underpin canola.
Seeding operations are in their early stages in parts of Western Canada, with conditions relatively favourable.
About 5,500 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Canola Jul 713.30 up 8.70
Nov 689.30 up 6.70
Jan 695.90 up 7.60
Mar 700.40 up 7.50
