By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 30 (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, as rally in the Chicago Board of Trade soy complex provided support.
CBOT soybeans were up by about 15 U.S. cents per bushel in the most active July contract, boosted by solid export demand, while soyoil was up by about a third of a cent.
Chart-based buying added to the gains in canola, as the nearby technical signals have shifted higher.
However, continued strength in the Canadian dollar over the past week tempered the upside in canola, as the currency neared 72 U.S. cents.
Relatively favourable Western Canadian weather conditions put some additional pressure on values. Spring harvest operations were underway in parts of the Prairies, while early spring seeding was also starting up in some areas.
About 10,600 canola contracts traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Price Change
Canola Jul 464.00 up 2.00
Nov 471.80 up 1.80
Jan 477.90 up 1.90
Mar 483.30 up 1.80
