By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 18 – (MarketsFarm) – ICE Futures canola contracts were stronger at midday Monday, hitting fresh highs as advances in the Chicago Board of Trade soy complex provided spillover support and activity resumed after the Easter long weekend.
Canola remains cheap compared to other oilseeds, even at these highs, keeping the trend pointed higher, according to an analyst.
Tight old crop supplies and uncertainty over new crop production, as persistent cool temperatures will likely delay spring seeding in parts of the Prairies, added to the strength in canola.
However, some profit-taking was likely coming forward at the highs to temper the advances.
About 5,700 canola contracts traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Price Change
Canola May 1,167.70 up 7.00
Jul 1,150.30 up 7.80
Nov 1,040.60 up 7.80
Jan 1,043.60 up 9.00
