By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 23 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, nearing contract highs in the front months as ongoing strength in world vegetable oil markets and tight Canadian supplies provided support.
“It’s the same old story,” said a Winnipeg-based trader on the underlying bullish fundamentals.
Gains in the Chicago Board of Trade soy complex and a weaker tone in the Canadian dollar were also supportive for canola.
However, ideas that fresh buying interest was backing away at these higher price levels tempered the advances to some extent. The new crop months lagged to the upside on expectations for increased seeded acres this spring.
About 14,200 canola contracts traded as of 10:52 CDT.
Prices in Canadian dollars per metric tonne at 10:52 CDT:
Price Change
Canola May 801.90 up 6.00
Jul 748.50 up 4.80
Nov 625.20 up 3.40
Jan 626.90 up 1.80
