By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 9 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, seeing a continuation of Tuesday’s rally with chart-based positioning a feature.
Gains in Chicago Board of Trade soybeans provided some spillover support, although soyoil was holding closer to unchanged in early activity.
The United States Department of Agriculture releases its updated monthly supply/demand estimates later in the day with any surprises in the data likely to sway the agricultural markets by the close.
However, the ongoing conflict in Ukraine remains the primary driver of the grains and oilseeds as investors react to the shifting news out of the region.
The Canadian dollar was stronger Wednesday morning, putting some pressure on canola.
About 9,200 canola contracts had traded as of 8:56 CST.
Prices in Canadian dollars per metric ton at 8:56 CST:
Price Change
Canola May 1,121.30 up 4.40
Jul 1,088.10 up 2.80
Nov 919.10 up 8.80
Jan 918.80 up 11.00
