By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 9 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, seeing some follow-through buying interest after Monday’s recovery off of contract lows.
Ideas that recent losses were overdone contributed to the gains, with chart-based buying a feature. Persistent weather concerns in parts of Western Canada were also supportive.
However, many dry areas have received much needed rain recently, putting some pressure on values.
Large old crop supplies and the ongoing trade dispute with China also limited the upside. Chicago Board of Trade soybeans and soyoil were weaker in early activity, putting additional pressure on canola.
About 2,700 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola Nov 450.00 up 2.70
Jan 457.30 up 3.30
Mar 463.80 up 3.40
May 469.50 up 3.40
