By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 17 (MarketsFarm) – The ICE Futures canola market traded to both sides of unchanged Wednesday morning in choppy activity, although the bias turned higher in the most active months.
Losses in Chicago Board of Trade soyoil and profit-taking after recent gains had put some pressure on canola in overnight activity. However, Malaysian palm oil and European rapeseed futures were both up overnight, and canola also managed to move higher as well. Weakness in the Canadian dollar contributed to the gains in canola.
Ongoing concerns over tightening old crop canola supplies also remained supportive, with the market working to ration demand.
Australia released updated production estimates pegging the country’s canola crop at 4.1 million tonnes. That would be up by 74 per cent on the year and 400,000 tonnes above an earlier estimate.
About 4,500 canola contracts had traded as of 8:50 CST.
Prices in Canadian dollars per metric ton at 8:50 CST:
Price Change
Canola Mar 738.30 up 0.30
May 710.40 up 1.20
Jul 678.80 up 3.10
Nov 574.60 up 1.00
