By Phil Franz-Warkentin
Glacier FarmMedia | MarketsFarm — ICE Futures canola contracts were stronger at midday Thursday, hitting fresh 18-month highs as the market continued to work to ration demand.
Chart-based positioning contributed to the gains, although values were nearing overbought levels.
Losses in Chicago soybeans and soyoil put some pressure on the Canadian market, tempering the advances. European rapeseed and Malaysian palm oil were also down on the day.
Statistics Canada is set to release updated stocks data as of March 31 on Thursday.
An estimated 24,000 canola contracts traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Canola Jul 711.80 up 3.80
Nov 658.80 up 1.40
Jan 667.30 up 2.60
Mar 673.80 up 2.50
