By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 16 (MarketsFarm) – The ICE Futures canola market was mostly higher Tuesday morning, seeing a modest correction amid ideas Monday’s selloff was overdone.
Early gains in Chicago Board of Trade soyoil and a slightly softer tone in the Canadian dollar were also supportive. Malaysian palm oil was higher overnight and European rapeseed was narrowly mixed.
Tight supplies and the need to ration demand continued to underpin the market as well, although canola is looking expensive at current levels.
CBOT soybeans were slightly softer to start the day, putting some pressure on values.
About 2,700 canola contracts had traded as of 8:47 CST.
Prices in Canadian dollars per metric ton at 8:47 CST:
Price Change
Canola Jan 1,020.60 up 6.80
Mar 984.50 up 5.60
May 946.00 up 3.20
Jul 904.50 up 2.70
