By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 18 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Friday, recovering from earlier losses as gains in the Chicago soy complex provided spillover support.
The most-active May contract had traded below its 20-day moving average in early activity, but managed to move back above that chart level as the day progressed.
The Canadian dollar was weaker at midday, which added to the firmer tone in the market.
Positioning ahead of the long weekend was a feature. The canola market will be closed Monday for Manitoba’s Louis Riel Day, while markets in the United States will close for Presidents’ Day. Provincial holidays across most of Canada will also see many other markets and financial institutions closed.
Ongoing concerns over tight canola supplies and the need to ration demand continued to underpin the market, although end-users are thought to be well covered for the time.
About 7,700 canola contracts traded as of 10:44 CST.
Prices in Canadian dollars per metric tonne at 10:44 CST:
Price Change
Canola Mar 1,015.10 up 5.70
May 1,008.00 up 5.30
Jul 985.70 up 5.30
Nov 851.10 up 0.80
