By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 10 (MarketsFarm) – The ICE Futures canola market was mostly higher Monday morning, as activity resumed following the Easter long weekend. Grain markets were closed for Good Friday, while many government institutions in Canada and around the world remain shut Monday for Easter Monday.
Overnight gains in Malaysian palm oil lent some spillover support to canola, although the Chicago soy complex was mixed to start the day and European rapeseed was untraded.
The Canadian dollar was slightly weaker, providing underlying support for canola.
Fund traders are still holding a large net short position in canola, but were busy covering those positions in early April, according to the latest data.
About 3,200 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Canola May 778.10 up 6.70
Jul 753.50 up 5.50
Nov 719.80 up 4.70
Jan 723.30 up 5.00
