By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 4 (CNS Canada) – ICE Futures canola contracts were stronger at midday Monday, recovering from overnight losses as gains in Chicago Board of Trade soyoil provided support.
Soybeans were also higher in Chicago, with improving trade sentiment between the United States and China behind some of the buying interest that spilled into the canola market.
A weaker tone in the Canadian dollar also provided some additional support for canola, according to participants.
However, ample supplies in the commercial pipeline and a lack of significant end-user demand tempered the advances.
Statistics Canada releases its latest stocks report on Feb. 5, and positioning ahead of the data accounted for some of the activity. The report will show grain supplies in the country as of Dec. 31, and should provide a picture of usage-to-date.
About 7,500 canola contracts traded as of 10:53 CST.
Prices in Canadian dollars per metric tonne at 10:53 CST:
Price Change
Canola Mar 483.80 up 1.40
May 491.50 up 1.10
Jul 499.00 up 1.30
Nov 496.80 up 1.30
END
