By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 27 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, seeing a continuation of Tuesday’s rally as the path of least resistance remains pointed higher.
Chicago Board of Trade soyoil futures were trading at all-time highs, while Malaysian palm oil and European rapeseed futures were also stronger overnight.
An early estimate from Statistics Canada calling for a seven per cent decline in the country’s planted canola area in 2022 also remained supportive, especially as old crop stocks remain tight and end users need a large crop to replenish supplies.
Recent weakness in the Canadian dollar also provided some support.
About 6,500 canola contracts had traded as of 8:57 CDT.
Prices in Canadian dollars per metric ton at 8:57 CDT:
Price Change
Canola May 1,213.30 up 12.40
Jul 1,207.50 up 12.70
Nov 1,114.90 up 7.10
Jan 1,117.90 up 8.40
