By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 1 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, as the market showed some stability to start the week.
A firmer tone in the Chicago Board of Trade soy complex provided some underlying support, with an overnight rally in European rapeseed futures also underpinning the Canadian market.
Malaysian palm oil futures hit seven-week highs in overnight activity, but backed away from those levels by the close.
Tightening old crop supplies and the need to ration demand remained a key supportive influence in the market.
However, last week’s retreat from record highs did some damage from a chart standpoint.
About 4,700 canola contracts had traded as of 8:58 CST.
Prices in Canadian dollars per metric ton at 8:58 CST:
Canola May 740.20 up 1.00
Jul 707.20 up 2.40
Nov 598.60 up 3.10
Jan 602.20 up 3.90