By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 12 (MarketsFarm) – The ICE Futures canola market was mostly higher at midday Friday, hitting new highs in the most active May contract as gains in Chicago Board of Trade soyoil helped the Canadian oilseed recover from earlier declines.
While chart-based profit-taking ahead of the weekend had put some pressure on canola in overnight activity, supportive underlying fundamentals contributed to the eventual turn higher.
Weekly grain handling statistics from the Canadian Grain Commission showed that demand for canola remains very strong, with weekly exports of 254,400 tonnes and the domestic disappearance of 206,700 tonnes.
The Canadian dollar was stronger at midday, moving above 80 U.S. cents. The rising currency put some pressure on canola, tempering the gains.
About 15,100 canola contracts traded as of 10:53 CST.
Prices in Canadian dollars per metric tonne at 10:53 CST:
Price Change
Canola May 807.80 up 6.30
Jul 751.70 dn 1.80
Nov 636.40 up 1.70
Jan 639.10 up 0.70
