By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 27 (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning, seeing a recovery after posting losses for most of the previous week as the underlying fundamentals of tight old crop supplies and solid end user demand remain supportive.
Overnight temperatures dipped below freezing in parts of Manitoba and Saskatchewan raising concerns over possible damage to recently emerged fields.
Gains in Chicago Board of Trade soybeans and soyoil futures also provided spillover support for canola.
The Canadian dollar was stronger in early activity, putting some pressure on values.
About 4,200 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Price Change
Canola Jul 868.20 up 5.90
Nov 699.70 up 8.40
Jan 696.90 up 7.20
Mar 687.30 up 6.60
