By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 8 – (MarketsFarm) – ICE Futures canola contracts were stronger at midday Friday, taking some direction from a rally in the Chicago Board of Trade soy complex as investors adjust positions ahead of the United States Department of Agriculture’s monthly supply/demand report.
The data, out at 11:00 CDT, will include updated usage and stocks numbers for the U.S. soybean crop. South American production estimates will also be followed closely. Any surprises in the data could lead to large price swings in the final hours of trade.
Tight old crop supplies and the need to ration demand, along with uncertainty over new crop production, remained supportive for canola.
However, ideas that canola was looking overpriced at current levels did temper the advances to some extent.
About 7,000 canola contracts traded as of 10:22 CDT.
Prices in Canadian dollars per metric tonne at 10:22 CDT:
Price Change
Canola May 1,161.70 up 4.90
Jul 1,134.80 up 3.20
Nov 1,008.70 up 0.20
Jan 1,009.40 up 0.60
