By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 2 (MarketsFarm) – The ICE Futures canola market was posting small losses Wednesday morning, seeing a modest correction after rallying sharply earlier in the week.
The ongoing conflict in Ukraine remains at the forefront of the agricultural markets, with the shifting sentiment on the situation likely to lead to wide price swings. The Chicago Board of Trade soy complex was softer in early activity, but the grains were all higher.
The Canadian dollar was stronger Wednesday morning, putting additional pressure on the canola market ahead of an expected rate hike from the Bank of Canada.
Tight old crop supplies remain a supportive background influence in the canola market, although end users are starting to turn their attention to the new crop.
About 3,900 canola contracts had traded as of 8:42 CST.
Prices in Canadian dollars per metric ton at 8:42 CST:
Price Change
Canola May 1,075.50 dn 4.40
Jul 1,045.60 dn 4.20
Nov 887.40 dn 3.80
Jan 887.40 dn 3.90
