By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was holding onto small gains Monday morning, seeing a modest correction off contract lows to start the week.
Gains in outside markets, including Chicago soyoil and European rapeseed futures, provided spillover support.
End-user bargain hunting and ideas the futures were becoming oversold at current levels also underpinned the market. However, farmers are still thought to be sitting on large amounts of unpriced canola which should keep a lid on any rallies.
About 9,200 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Canola Mar 576.70 up 4.30
May 583.30 up 5.10
Jul 591.40 up 4.80
Nov 598.00 up 4.40
