By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 24 – (MarketsFarm) – The ICE Futures canola market was sharply stronger at midday Thursday, hitting contract highs in many months as world markets reacted to the Russian invasion of Ukraine.
Crude oil climbed sharply higher with world vegetable oil markets also up on the day.
Weakness in the Canadian dollar, which fell to its softest level since December relative to its United States counterpart, added to the strength in canola.
However, CBOT soybeans backed away from their own early strength, eventually drifting below unchanged on expectations for a larger U.S. crop in 2022. Canola was also off its session highs by midday, with speculative positioning a feature.
About 30,200 canola contracts traded as of 10:41 CST.
Prices in Canadian dollars per metric tonne at 10:41 CST:
Price Change
Canola Mar 1,083.90 up 40.80
May 1,068.00 up 35.30
Jul 1,034.00 up 30.40
Nov 881.00 up 17.20
