By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 15 (MarketsFarm) – ICE Futures canola contracts were stronger Friday morning, recovering from overnight losses as gains in Chicago Board of Trade soybeans provided support.
End-user bargain hunting from both exporters and domestic crushers added to the firmer tone, although uncertainty over Chinese demand kept some caution in the market.
The Canadian dollar was slightly softer in early activity.
Large canola supplies and concerns over a burdensome carryout heading into the 2019/20 crop year put some pressure on values.
About 6,200 canola contracts had traded as of 9:05 CDT.
Prices in Canadian dollars per metric ton at 9:05 CDT:
Canola Mar 463.00 up 1.80
May 471.00 up 1.60
Jul 482.60 up 2.00
Nov 488.60 up 1.90