By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 25 (MarketsFarm) – ICE Futures canola contracts were holding onto small gains Thursday morning, as the market continued to stabilize near multi-year lows.
A firm tone in Chicago Board of Trade soybeans and recent weakness in the Canadian dollar provided some additional support for canola.
Expectations that actual seeded canola area may end up below the 21.3 million acres forecast by Statistics Canada on Wednesday also underpinned the futures.
However, ongoing uncertainty over Chinese demand kept some caution in the market. Large old crop supplies also remained a bearish influence in the background.
About 5,500 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric ton at 8:48 CDT:
Price Change
Canola May 439.60 up 0.50
Jul 448.50 up 0.80
Nov 460.90 up 0.50
Jan 467.70 up 0.50
