By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 11 (MarketsFarm) – The ICE Futures canola market was mixed Wednesday morning, with gains in the most actively traded months.
Strength in crude oil was providing some spillover support for world vegetable oil markets, with advances in Chicago soyoil and Malaysian palm oil underpinning the Canadian oilseed as well. However, European rapeseed futures were slightly softer.
The Canadian dollar was firmer in early activity, seeing a recovery after hitting 18-month lows on Tuesday. The strengthening currency put some pressure on canola.
Mixed weather conditions across the Canadian Prairies were keeping some caution in the futures, as rains in the forecast should cause further seeding delays in the eastern parts of the region.
About 2,600 canola contracts had traded as of 8:49 CDT.
Prices in Canadian dollars per metric ton at 8:49 CDT:
Price Change
Canola Jul 1,139.50 up 4.10
Nov 1,079.00 up 2.40
Jan 1,079.40 dn 0.40
Mar 1,076.60 dn 1.10
