By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 1 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, seeing a continuation of last week’s gains as bullish chart signals kept speculators on the buy side.
Tight supplies and the need to ration demand also remained supportive, although canola is already looking expensive at current levels.
Outside markets were mixed, keeping some caution in the canola futures. Malaysian palm oil moved lower in overnight activity, while Chicago Board of Trade soyoil futures were higher in early activity. European rapeseed futures were also showing some strength.
The Canadian dollar was holding relatively steady.
About 4,400 canola contracts had traded as of 8:54 CDT.
Prices in Canadian dollars per metric ton at 8:54 CDT:
Price Change
Canola Jan 973.50 up 13.70
Mar 950.70 up 12.40
May 919.60 up 10.90
Jul 875.00 up 7.30
