By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 7 – (MarketsFarm) – ICE Futures canola contracts were stronger at midday Thursday, taking back most of Wednesday’s losses as gains in the Chicago Board of Trade soy complex provided spillover support.
A softer tone in the Canadian dollar also underpinned values, as the declining currency should help crush margins improve.
Tight old crop supplies and the need to ration demand, along with uncertainty over new crop production, remained supportive as well.
However, ideas that canola was looking overpriced at current levels did temper the advances, with speculative profit-taking keeping prices off their highs for the session.
About 16,000 canola contracts traded as of 11:09 CDT.
Prices in Canadian dollars per metric tonne at 11:09 CDT:
Price Change
Canola May 1,155.80 up 15.20
Jul 1,130.60 up 16.80
Nov 1,006.30 up 12.30
Jan 1,006.60 up 12.80
