By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 2 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, underpinned by the ongoing need to ration tight old crop supplies.
European rapeseed futures hit contract highs overnight, lending spillover support to the Canadian oilseed as well.
However, Malaysian palm oil was softer and the Chicago Board of Trade soy complex turned mixed in early trade.
A firm tone in the Canadian dollar also put some pressure on canola.
About 3,600 canola contracts had traded as of 8:55 CST.
Prices in Canadian dollars per metric ton at 8:55 CST:
Canola May 745.50 up 6.10
Jul 711.70 up 6.40
Nov 602.20 up 6.20
Jan 604.70 up 5.90
Futures Prices as of March 2, 2021
Prices are in Canadian dollars per metric ton