By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 22 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, taking some direction from the Chicago Board of Trade soy complex as the commodity markets reacted to the mounting tensions between Russia and Ukraine.
Uncertainty over South American crop production added to the advances in the soy complex that spilled into canola. Bullish chart signals were another supportive feature, with numerous months hitting fresh contract highs.
The tight old crop supply situation was another background influence underpinning the canola market, although demand is being rationed at current price levels and the new crop contracts lagged to the upside on expectations for improved production in 2022.
The Canadian dollar was holding relatively steady at midday, providing little direction.
About 17,000 canola contracts traded as of 10:43 CST.
Prices in Canadian dollars per metric tonne at 10:43 CST:
Price Change
Canola Mar 1,030.00 up 10.40
May 1,021.90 up 9.80
Jul 996.10 up 9.10
Nov 858.30 up 7.60
