By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 11 (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning, taking back some of Wednesday’s declines amid ideas the profit-taking correction was overdone.
Tight old crop supplies remain the major bullish influence in canola, as the market works to ration demand.
Gains in Chicago Board of Trade soyoil and soybeans provided additional spillover support for canola.
However, a firm tone in the Canadian dollar put some pressure on values.
Scale-up farmer hedges and ideas that canola is looking overpriced at current levels also tempered the advances.
About 5,900 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric ton at 8:35 CST:
Price Change
Canola May 783.70 up 7.20
Jul 739.80 up 5.00
Nov 624.70 up 7.60
Jan 627.90 up 7.40
