By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 1 (MarketsFarm) – The ICE Futures canola market was weaker Thursday morning, seeing a correction after posting limit-up gains in the most active months on Wednesday.
A bullish reaction to acreage estimates from the United States Department of Agriculture sent the Chicago soy complex climbing higher on Wednesday which underpinned canola as well. Soybeans were narrowly mixed Thursday morning and soyoil was lower.
Tight old crop canola supplies and the need to encourage enough acres are planted this spring provided underlying support for canola.
Markets will be closed for Good Friday on April 2, with positioning ahead of the Easter weekend expected to account for some of the day’s activity.
About 6,200 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola May 747.60 dn 9.50
Jul 710.70 dn 6.80
Nov 615.90 dn 3.60
Jan 618.20 dn 4.50
