By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 14 (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning, seeing a continuation of Wednesday’s recovery off of nearby lows.
Gains in Chicago Board of Trade soyoil and European rapeseed futures contributed to the early strength in canola. However, Malaysian palm oil was weaker, as that market backed away from record highs.
Ongoing concerns over tight Canadian canola supplies remained another supportive influence, although the need to ration demand has been factored into the futures for some time now.
The Canadian dollar was sharply stronger Thursday morning, which put some pressure on the canola market.
About 5,100 canola contracts had traded as of 8:57 CDT.
Prices in Canadian dollars per metric ton at 8:57 CDT:
Canola Nov 904.70 up 1.50
Jan 896.50 up 2.60
Mar 883.70 up 2.80
May 862.10 up 2.00
Futures Prices as of October 14, 2021
Prices are in Canadian dollars per metric ton