By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 4 (MarketsFarm) – The ICE Futures canola market was posting small losses Friday morning, consolidating just under the highs posted earlier in the week as investors squared positions ahead of the weekend.
The ongoing conflict in Ukraine remained the key driver of the grain and oilseed markets, with wheat futures in the United States continuing to rally sharply higher. The Chicago Board of Trade soy complex was mixed in early activity though, with a firm tone in beans and soymeal, but losses in soyoil.
The Canadian dollar was weaker Friday morning, providing some underlying support for canola. Tight old crop supplies also remained a supportive background influence in the canola market.
About 7,900 canola contracts had traded as of 8:52 CST.
Prices in Canadian dollars per metric ton at 8:52 CST:
Price Change
Canola May 1,081.70 dn 1.60
Jul 1,052.90 dn 3.10
Nov 885.20 dn 4.90
Jan 887.40 dn 1.80
