WINNIPEG – The ICE Futures canola market was trading to both sides of unchanged Tuesday morning, with a sharp rise in the old crop July contract and a mixed tone the more deferred positions.
The front month has seen some wide price swings over the past few weeks as investors on both sides of the market take turns exiting the contract and rolling their positions into the more active new crop months.
Gains in Chicago Board of Trade soybeans and soyoil provided some underlying support for canola, as activity resumed in the Canadian oilseed after it was closed for a holiday on Monday.
Much needed rainfall across dry areas of Western Canada over the long weekend put some pressure on values, although more moisture will be needed through the growing season.
About 5,000 canola contracts had traded as of 8:52 CDT.
Prices in Canadian dollars per metric ton at 8:52 CDT:
Price Change
Canola Jul 912.90 up 29.70
Nov 708.60 up 1.80
Jan 705.00 up 2.10
Mar 686.00 dn 6.10
