By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 3 (MarketsFarm) – The ICE Futures canola market was stronger Friday morning, finding some buying interest as traders adjust positions ahead of the long weekend.
North American markets will be closed Monday for Labour Day.
Gains in the Chicago Board of Trade soy complex provided spillover support for canola. Canada’s drought-afflicted crop and the need to ration demand going forward also underpinned the futures.
However, ideas that canola is overpriced compared to other vegetable oils put some pressure on the market, tempering the advances. Export demand has already backed away at current price levels, with movement through the first month of the 2021/22 crop year of 205,400 tonnes running 77 per cent behind the previous year’s pace, according to Canadian Grain Commission data.
About 2,300 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola Nov 900.60 up 8.10
Jan 880.40 up 4.80
Mar 859.10 up 2.90
May 836.10 up 0.10
