WINNIPEG, March 7 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, although activity was thin and choppy as the volatility over the past week kept some participants on the sidelines.
Shifting sentiment on the Russian invasion of Ukraine kept the agricultural markets on edge to start the week, with gains in crude oil and the resulting strength in nearby Chicago Board of Trade soyoil futures providing some spillover support for canola.
A slightly weaker tone in the Canadian dollar along with ongoing concerns over tight old crop canola supplies also underpinned the futures.
However, overbought price sentiment kept a lid on the upside, with values holding just below contract highs.
About 5,200 canola contracts traded as of 10:41 CST.
Prices in Canadian dollars per metric tonne at 10:41 CST:
Price Change
Canola May 1,082.00 up 7.20
Jul 1,057.00 up 5.40
Nov 899.00 up 3.60
Jan 897.10 up 3.80
