By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 10 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, continuing their upward climb of the past week.
Canola remains underpriced compared to other oilseeds, including Chicago Board of Trade soybeans and European rapeseed futures, which contributed to the buying interest in the market. Canada’s tight supply situation and the need to encourage acres this spring were also supportive.
CBOT soybeans were higher at midday, but soyoil held closer to unchanged and European rapeseed was softer overnight.
The Canadian dollar was slightly firmer at midday, putting some pressure on values. Chart resistance was also holding to the upside, with values unable to push above the session highs hit on Wednesday.
About 5,700 canola contracts traded as of 10:25 CST.
Prices in Canadian dollars per metric tonne at 10:25 CST:
Price Change
Canola May 1,132.60 up 7.40
Jul 1,099.90 up 8.40
Nov 928.40 up 0.50
Jan 927.40 up 0.60
