By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 16 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Wednesday, recovering some of the lost ground from earlier in the week.
Gains in outside markets, including crude oil and Chicago Board of Trade soyoil contributed to the firmer tone in canola, according to participants.
However, an analyst pointed out that canola remains rangebound overall, lagging the other markets to the upside after having outpaced the soy complex to the upside earlier in the marketing year.
While domestic crushers continue to show good demand, basis levels have come down in the countryside which indicates that the end users may be covered for the time being.
About 8,400 canola contracts traded as of 10:30 CST.
Prices in Canadian dollars per metric tonne at 10:30 CST:
Price Change
Canola Mar 1,008.90 up 6.30
May 997.60 up 7.00
Jul 975.10 up 10.60
Nov 849.90 up 9.20
