By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 29 (MarketsFarm) – The ICE Futures canola market was mostly stronger at midday Wednesday, with gains in the outside energy and vegetable oil markets behind some of the spillover buying interest.
Wet field conditions in parts of Western Canada added to the firmer tone, with seeding delays possible in some areas.
However, old crop supplies remain large, and the thinly traded nearby May contract was down as traders exited the front month ahead of its expiry. Uncertainty over demand amid the COVID-19 pandemic also remained a bearish factor in the background.
The Canadian dollar was stronger at midday, which also tempered the upside in canola.
About 8,800 canola contracts traded as of 10:38 CDT.
Prices in Canadian dollars per metric tonne at 10:38 CDT:
Price Change
Canola May 462.50 dn 1.30
Jul 463.60 up 1.90
Nov 471.10 up 1.90
Jan 477.00 up 1.50
