By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 7 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, taking some direction from the Chicago Board of Trade soy complex.
Soybean futures gapped higher on the back of solid export demand in overnight activity, setting fresh contract highs. Soyoil, European rapeseed and Malaysian palm oil futures were also stronger.
Canada’s tight supply situation remained a supportive background influence. Statistics Canada will release a report showing stocks in the country as of Dec. 31, 2021, on Tuesday, which should provide a clearer picture of usage to date. The United States Department of Agriculture’s monthly supply/demand report will be out on Wednesday.
About 5,200 canola contracts had traded as of 8:38 CST.
Prices in Canadian dollars per metric ton at 8:38 CST:
Price Change
Canola Mar 1,025.00 up 8.00
May 1,012.00 up 10.10
Jul 984.20 up 7.80
Nov 841.20 up 6.50
