By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 6 (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, as gains in Chicago Board of Trade soyoil provided some support.
Advances in the macro financial and energy markets spilled into the agricultural markets, contributing to the strength in canola, according to a trader.
He said the activity was mostly speculative in nature, with uncertainty over the COVID-19 pandemic at the forefront of the markets.
However, fundamental issues may start to provide more direction in the upcoming weeks, as Prairie farmers turn their attention to harvesting the remainder of last year’s crop while also seeding the 2020 crop.
About 3,700 canola contracts traded as of 10:40 CST.
Prices in Canadian dollars per metric tonne at 10:40 CST:
Price Change
Canola May 473.20 up 3.30
Jul 481.20 up 3.10
Nov 487.50 up 3.40
Jan 494.00 up 3.60
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