By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 14 (MarketsFarm) – The ICE Futures canola market was mixed Thursday morning, retreating from overnight gains in the front months as the old/new crop spreads continued to narrow in.
Losses in Chicago Board of Trade soybeans and soyoil put some spillover pressure on the Canadian oilseed. Oversold price sentiment also weighed on values.
However, old crop supplies remain tight while demand for vegetable oils internationally is expected to remain strong going forward.
Positioning ahead of the Easter weekend accounted for some of the activity, with North American markets closed for Good Friday and many other international markets also closed Monday.
About 6,300 canola contracts had traded as of 8:52 CDT.
Prices in Canadian dollars per metric ton at 8:52 CDT:
Price Change
Canola May 1,151.20 dn 3.80
Jul 1,134.30 dn 2.40
Nov 1,030.60 up 2.50
Jan 1,033.60 up 4.30
