By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 30 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, taking back all of Friday’s losses as gains in Chicago Board of Trade soyoil and soybeans provided support.
Ideas that Friday’s losses were overdone contributed to Monday’s bounce, with canola looking cheap compared to other oilseeds.
Crush margins remain at very wide levels which should be keeping domestic processors on the buy side, according to participants.
However, continued strength in the Canadian dollar tempered the upside to some extent. Canola was also nearing technical resistance from a chart standpoint.
About 1,900 canola contracts had traded as of 8:33 CST.
Prices in Canadian dollars per metric ton at 8:33 CST:
Price Change
Canola Jan 467.00 up 3.20
Mar 478.40 up 4.20
May 487.40 up 4.00
Jul 493.70 up 4.10
