By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 4 – (MarketsFarm) – ICE Futures canola contracts were stronger at midday Wednesday, seeing a recovery after dropping sharply lower earlier in the week.
Gains in Chicago Board of Trade soyoil and European rapeseed futures contributed to the stronger tone in canola, with underlying uncertainty over new crop production also providing some support, according to a trader.
While some damage was done from a chart-standpoint earlier in the week, the overall uptrend for canola remains intact. The trader noted that seasonal price trends were also supportive.
Statistics Canada releases its stocks as of March 31 report on Friday, which will provide a clearer picture on usage-to-date and available supplies heading into the new crop year.
About 10,000 canola contracts traded as of 10:57 CDT.
Prices in Canadian dollars per metric tonne at 10:57 CDT:
Price Change
Canola May 1,137.90 up 6.80
Jul 1,068.80 up 16.00
Nov 1,072.20 up 15.70
Jan 1,066.50 up 11.20
