By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 1 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, seeing a continuation of Monday’s rally as world markets continued to react to the ongoing situation in Ukraine.
Expanding sanctions against Russia and the likelihood that grain movement through the Black Sea could be constrained for some time accounted for much of the buying interest in the agricultural markets, including canola. Chicago Board of Trade soyoil, Malaysian palm oil and European rapeseed futures were all higher on Tuesday.
However, volatility is expected, with the shifting sentiment on the Russia/Ukraine conflict likely leading to wide price swings.
The Canadian dollar was firmer in early activity.
About 12,200 canola contracts had traded as of 8:42 CST.
Prices in Canadian dollars per metric ton at 8:42 CST:
Price Change
Canola May 1,075.20 up 42.50
Jul 1,045.70 up 35.90
Nov 898.80 up 22.40
Jan 897.80 up 20.60
