By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 28 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, seeing a recovery to start the week after Friday’s sharp selloff.
Tightening sanctions against Russia amid the ongoing conflict in Ukraine saw the grains and oilseed markets turn higher. Chicago Board of Trade soyoil, European rapeseed and Malaysian palm oil were all stronger, providing spillover support for canola.
However, volatility is expected, with the shifting sentiment on the Russia/Ukraine conflict likely leading to wide price swings.
About 7,600 canola contracts had traded as of 8:44 CST, with month-end positioning a feature.
Prices in Canadian dollars per metric ton at 8:44 CST:
Price Change
Canola Mar 1,027.10 up 25.80
May 1,021.30 up 20.60
Jul 1,000.00 up 18.80
Nov 869.00 up 15.10
