By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 12 (MarketsFarm) – The ICE Futures canola market was stronger at midday Friday, hitting a fresh contract high in the most active May contract as gains in Chicago Board of Trade soyoil provided spillover support.
Concerns over tightening old crop supplies continued to underpin the market as well, with the latest weekly data from the Canadian Grain Commission showing canola exports-to-date of 6.37 million tonnes up by 35 per cent from the same time the previous year.
However, ideas the market was looking overbought put some pressure on values, with scale-up farmer selling and speculative long-liquidation at the highs tempering the gains.
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The canola market will be closed on Monday for Manitoba’s Louis Riel Holiday. U.S. markets will also be closed for President’s Day, while many other Canadian institutions will also be closed for provincial holidays.
Volumes were light on Friday, with positioning ahead of the long weekend a feature. About 6,200 canola contracts traded as of 10:41 CST.
Prices in Canadian dollars per metric tonne at 10:41 CST:
Price Change
Canola Mar 712.80 up 8.70
May 694.70 up 6.20
Jul 663.30 up 4.90
Nov 566.10 up 1.30
