By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 18 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, seeing some follow-through buying interest after Monday’s gains.
Fund traders are still holding large net short positions in canola and have been busy buying back some of those positions and booking profits.
Gains in Chicago soyoil provided spillover support to canola, with European rapeseed and Malaysian palm oil also up on the day.
A storm system is expected to bring snow and rain across a large portion of Saskatchewan and Manitoba over the next few days, which will likely cause seeding delays as fields will take time to dry out. However, farmers in parts of southern Alberta may be ready to start seeding in the next week or so.
About 23,300 canola contracts traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Canola May 781.00 up 7.30
Jul 751.60 up 5.10
Nov 713.20 up 6.90
Jan 719.00 up 9.30
