By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 18 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, taking back some of Friday’s losses with chart-based positioning a feature.
Early weakness in the Canadian dollar, which was down roughly a fifth of a cent relative to its U.S. counterpart, contributed to the early gains in canola.
The Chicago Board of Trade soy complex was steady to mostly lower Tuesday morning, putting some pressure on the canola market.
Uncertainty over pipeline protests disrupting rail traffic across Canada kept some caution in the canola market as well, according to participants.
About 6,500 canola contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric ton at 8:36 CST:
Price Change
Canola Mar 461.90 up 2.20
May 470.90 up 2.20
Jul 477.00 up 2.00
Nov 485.30 up 2.40
