By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 22 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, seeing a modest recovery after uncovering chart support to the downside on Wednesday.
The most active July contract touched a session low of C$455 per tonne on Tuesday, before uncovering support to end well off that low. Follow-through speculative buying interest remained supportive on Wednesday, with spillover from gains in Chicago Board of Trade soyoil adding to the firmer tone.
However, early strength in the Canadian dollar put some pressure on values.
Statistics Canada was originally scheduled to release the results of its acreage survey later this week, but the report has been delayed to May 7 due to the COVID-19 pandemic.
About 2,800 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Price Change
Canola May 453.60 up 1.70
Jul 460.90 up 1.50
Nov 469.10 up 1.10
Jan 475.70 up 1.10
