By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 20 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Friday, taking back some of the losses posted earlier in the week as the underlying technical and fundamental signals remain supportive.
Canadian markets will be closed Monday for Victoria Day, with pre-weekend positioning likely behind some of the activity.
Gains in Chicago Board of Trade soyoil and other vegetable oil markets, including Malaysian palm oil, provided spillover support for canola.
Tight old crop supplies and the uncertainty over new crop production also underpinned the canola market. Seeding remains delayed in the eastern Prairies, although the moisture situation has improved dramatically over the past year which should bode well for production once the crop gets in the ground.
About 10,000 canola contracts traded as of 10:32 CDT.
Prices in Canadian dollars per metric tonne at 10:32 CDT:
Price Change
Canola Jul 1,172.80 up 22.80
Nov 1,058.20 up 10.30
Jan 1,066.10 up 13.40
Mar 1,060.80 up 8.00
