By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 6 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, with the largest gains in the old crop months as tight supplies and the need to ration demand provided support.
Advances in Chicago Board of Trade soybeans and soyoil contributed to the firmer tone in canola, with Malaysian palm oil and European rapeseed futures also up in overnight activity.
Dry weather and mounting drought concerns across the Prairies were also supportive, although expectations for increased seeded area this spring tempered the advances in the new crop months.
About 18,000 canola contracts traded as of 10:44 CDT.
Prices in Canadian dollars per metric tonne at 10:44 CDT:
Canola May 787.80 up 20.20
Jul 740.50 up 14.30
Nov 624.50 up 2.40
Jan 625.00 up 1.20