By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 9 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, taking some direction from the Chicago Board of Trade soy complex as investors adjusted positions ahead of monthly supply/demand data from the United States Department of Agriculture. Any surprises in the data will likely swing the market by the close.
Expectations for tightening U.S. soybean ending stocks in the report were underpinning soybeans, with some of that buying interest spilling into canola.
Canola supplies are also on the tight side themselves, adding to the firmer tone as the canola market works to ration demand.
Extreme cold across much of the Prairies also underpinned the canola market, with farmer deliveries and rail movement hampered by the weather.
About 18,000 canola contracts traded as of 10:31 CST.
Prices in Canadian dollars per metric tonne at 10:31 CST:
Price Change
Canola Mar 702.30 up 6.00
May 691.20 up 7.60
Jul 662.80 up 3.60
Nov 568.00 up 4.40
