By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 9 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Wednesday, hitting fresh contract highs once again as speculators continued to add to their long positions.
Ideas that canola was looking underpriced compared to other oilseeds, including European rapeseed, added to the firmer tone, according to a trader. He noted that Canada’s tight supply situation remained a supportive influence underneath the market.
Gains in Chicago Board of Trade soybeans were also supportive, although soyoil was mixed at midday. The Canadian dollar was stronger, putting some pressure on values.
The United States Department of Agriculture releases its monthly supply/demand report at 11:00 CST, with any surprises in the data likely to sway the agricultural futures markets.
About 12,000 canola contracts traded as of 10:27 CST.
Prices in Canadian dollars per metric tonne at 10:27 CST:
Price Change
Canola May 1,128.00 up 11.10
Jul 1,093.10 up 7.80
Nov 918.00 up 7.70
Jan 916.00 up 8.20
