By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 23 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Wednesday, seeing a continuation of Tuesday’s rally. However, profit-taking came forward, taking values off their session highs.
Tuesday’s rally was bullish from a technical standpoint, which kept the path of least resistance pointed higher for canola, according to an analyst. He added that domestic crushers should still be profitable, despite the high seed costs, keeping them on the buy side as well.
Gains in crude oil and world vegetable oil markets provided spillover support.
The ongoing conflict in Ukraine remains a key driver of the grains and oilseeds, with spring seeded crop acreage expected to be cut in half according to the latest reports out of the country.
About 14,000 canola contracts traded as of 10:50 CDT.
Prices in Canadian dollars per metric tonne at 10:50 CDT:
Price Change
Canola May 1,165.00 up 7.90
Jul 1,136.50 up 12.60
Nov 972.70 up 15.30
Jan 972.60 up 15.10
