By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 21 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, but off the highs hit earlier in the session.
Strength in crude oil was pulling the agricultural commodities up as well on Monday, providing much of the underlying support for canola. An analyst noted that money flows were coming back from the sidelines and into the commodities, with the ‘risk-on/risk-off’ trade favouring riskier assets once again.
Chicago Board of Trade soyoil, European rapeseed and Malaysian palm oil futures were all stronger.
Uncertainty over a labour dispute at Canadian Pacific Railway, and what it will mean for grain movement, kept some caution in the futures.
About 6,700 canola contracts traded as of 10:44 CDT.
Prices in Canadian dollars per metric tonne at 10:44 CDT:
Price Change
Canola May 1,131.00 up 6.20
Jul 1,106.30 up 7.50
Nov 945.00 up 12.20
Jan 945.80 up 13.10
