By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 22 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, hitting fresh contract highs in many months with speculative buying a feature.
Gains in Chicago Board of Trade soyoil and European rapeseed futures contributed to the strength in canola, although a trader described the activity in the Canadian oilseed as “volatile.”
He noted that crush margins have seen large swings over the past few months, making it hard to get a read on the market.
The Canadian dollar was slightly weaker at midday.
About 11,800 canola contracts traded as of 10:52 CDT.
Prices in Canadian dollars per metric tonne at 10:52 CDT:
Price Change
Canola May 1,144.00 up 18.60
Jul 1,117.70 up 17.90
Nov 954.00 up 13.30
Jan 953.70 up 12.70
