By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 13 (MarketsFarm) – ICE Futures canola contracts were posting solid “turnaround Tuesday” gains in early trade, taking some direction from Chicago Board of Trade soyoil.
Malaysian palm oil and European rapeseed futures were also higher in overnight activity.
While recent losses did some damage to canola from a chart standpoint, the underlying fundamentals of tight old crop supplies and dry Prairie fields remain supportive.
While more precipitation will be needed through the growing season, much needed moisture in the eastern Prairies tempered the upside in the new crop months to some extent.
About 4,300 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Canola May 814.00 up 6.90
Jul 742.90 up 9.70
Nov 631.50 up 4.30
Jan 632.90 up 4.80