By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 11 (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, taking back some of Wednesday’s losses as gains in the Chicago Board of Trade soy complex provided some spillover support.
Canola held up relatively well when soybeans moved lower on Wednesday, and were lagging to the upside on turn higher, according to a broker.
Speculators are holding large net long positions in canola, and the broker cautioned that more profit-taking could easily come forward to weigh on prices – especially as the South American soybean harvest advances over the next few months.
However, the underlying fundamentals for canola remain supportive, as the market continues to work to ration demand going forward.
About 10,400 canola contracts traded as of 10:48 CST.
Prices in Canadian dollars per metric tonne at 10:48 CST:
Price Change
Canola Mar 703.90 up 5.60
May 688.90 up 4.40
Jul 661.30 up 4.50
Nov 565.90 up 1.30
