By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 30 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, recovering from overnight losses as a rally in the Chicago Board of Trade soy complex provided spillover support.
Ideas that recent losses were overdone, as the underlying fundamentals remain supportive for canola, added to the move higher.
However, strength in the Canadian dollar tempered the upside to some extent as the currency moved above the 80 U.S. cents mark.
The United States Department of Agriculture releases acreage estimates on Thursday, with positioning ahead of the data likely to account for some activity in the grains and oilseeds. Quarterly U.S. stocks data will also be released on Thursday.
About 2,500 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola May 1,142.00 up 7.80
Jul 1,118.60 up 5.40
Nov 967.50 up 7.50
Jan 967.20 up 7.30
