By Phil Franz-Warkentin, MarketsFarm
WINNIPEG (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning after trading to both sides of unchanged in overnight activity.
Canada’s drought-stricken crop remained supportive, with many in the industry anticipating actual production will end up below the already small 12.8 million tonnes forecast by Statistics Canada earlier in the week.
Gains in Chicago Board of Trade soybeans provided some spillover support for canola as well, although soyoil was softer in early activity.
Canola remains overpriced compared to other oilseeds, with soft crush margins keeping a lid on the upside.
About 2,500 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric ton at 8:36 CDT:
Price Change
Canola Nov 883.20 up 3.40
Jan 874.60 up 2.80
Mar 861.70 up 3.10
May 844.70 up 3.10
