By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 28 – (MarketsFarm) – ICE Futures canola contracts were mostly stronger at midday Thursday, with only the nearby May contract posting losses as investors exited the front month ahead of its expiry.
The largest gains were in the new crop contracts, as the market works to encourage more planted area this spring. Statistics Canada’s planting intentions report out earlier in the week forecast a seven per cent reduction in seeded canola area, at 20.9 million acres.
Gains in outside markets, including Chicago soyoil and European rapeseed futures, provided additional spillover support for canola. Recent weakness in the Canadian dollar also underpinned the oilseed.
However, some profit-taking at the highs came forward to temper the advances.
About 5,800 canola contracts traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Price Change
Canola May 1,215.50 dn 3.10
Jul 1,210.80 up 2.00
Nov 1,120.90 up 8.30
Jan 1,124.30 up 8.50
