By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 15 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, trading just below the contract highs hit last week.
The underlying fundamentals of tight old crop supplies and the need to ration demand remained supportive to start the week, with the largest advances in the front months.
Ongoing strength in world vegetable oil markets also helped underpin canola, although Chicago Board of Trade soyoil futures dipped below unchanged Monday morning.
Scale-up farmer hedges and ideas that canola is looking overpriced at current levels put some pressure on values, tempering the gains.
About 3,200 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Price Change
Canola May 805.70 up 5.20
Jul 753.70 up 3.30
Nov 634.10 up 0.80
Jan 636.20 up 1.20
