ICE canola up at midday Thursday

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, April 9 (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, with intermonth spreading a feature as speculators rolled their positions out of the nearby May contract.

Fund short covering accounted for much of the buying interest in canola, according to a broker. He said firmer tone in the outside energy markets also spilled into the vegetable oil markets, including canola.

Lingering winter weather across much of Western Canada also provided some support, according to the broker, as spring seeding and the harvest operations still left to finish from 2019 may run into delays.

The United States Department of Agriculture will release its monthly supply/demand report at 11:00 CDT, and any surprises in the data could sway the agricultural markets in the final hours of trade.

Markets will be closed tomorrow for Good Friday, and pre-weekend positioning likely accounted for some of the activity.

About 10,000 canola contracts traded as of 10:39 CDT.

Prices in Canadian dollars per metric tonne at 10:39 CDT:

Price Change
Canola May 465.20 up 3.00
Jul 470.50 up 2.40
Nov 477.00 up 1.30
Jan 482.50 up 1.30
END

Futures Prices as of April 9, 2020

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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