By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 10 (MarketsFarm) – The ICE Futures canola market was slightly firmer Tuesday morning, seeing a modest recovery after Monday’s losses.
Malaysian palm oil and European rapeseed futures were both softer in overnight activity, which put some spillover pressure on the canola market. However, Chicago Board of Trade soybeans and soyoil were holding onto gains.
Uncertainty over new crop production provided underlying support for canola, with the eastern Prairies facing seeding delays due to recent rains while the western Prairies remain on the dry side.
About 6,300 canola contracts had traded as of 8:52 CDT.
Prices in Canadian dollars per metric ton at 8:52 CDT:
Price Change
Canola Jul 1,157.30 up 0.40
Nov 1,079.80 up 3.50
Jan 1,077.00 up 3.50
Mar 1,073.00 unchanged
