By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 6 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were slightly higher Thursday morning, as they continue to follow gains in Chicago soyoil, European rapeseed and Malaysian palm oil.
One report stated canola’s bounce could end as quickly as it started, as prices are approaching resistance levels.
Canada’s ambassador to China testified before a House of Commons committee yesterday. Dominic Barton told MPs there has been very little progress made in resolving the Canada/China dispute, which includes China partial ban on canola imports from Canada.
The Canadian dollar was firm this morning at 75.23 U.S. cents after closing Wednesday at 75.25.
About 5,200 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Price Change
Canola Mar 463.40 up 1.70
May 472.50 up 1.70
Jul 479.20 up 1.60
Nov 486.40 up 1.30
