By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 5 (MarketsFarm) – The ICE Futures canola market was stronger Friday morning, amid ongoing concerns over tight old crop supplies and the need to ration demand.
Weekly grain handling statistics from the Canadian Grain Commission showed that 240,000 tonnes of canola were exported during the week ended Feb. 28. While exports were down slightly on the week, crop-year-to-date exports of 6.99 million tonnes remained well ahead of the previous year’s pace and movement will need to slow down or the country will run out of canola.
Early gains in Chicago Board of Trade soybeans and soyoil provided spillover support for canola as well.
The Canadian dollar was slightly softer Friday morning.
Scale-up farmer hedges and ideas that canola was looking overpriced at current levels tempered the advances slightly.
About 6,400 canola contracts had traded as of 8:55 CST.
Prices in Canadian dollars per metric ton at 8:55 CST:
Canola May 791.60 up 9.30
Jul 747.60 up 7.30
Nov 622.00 up 6.10
Jan 624.00 up 5.50