By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 22 (MarketsFarm) – The ICE Futures canola market remained pointed higher Tuesday morning, setting fresh contract highs for the sixth-straight session as speculators added to long positions.
In addition to the bullish chart signals, tightening supplies and the need to ration demand going forward also remained supportive.
Gains in the Chicago Board of Trade soy complex and early weakness in the Canadian dollar contributed to the advances in canola.
Scale-up farmer hedges and profit-taking at the highs put some pressure on values.
About 8,500 canola contracts had traded as of 8:58 CST.
Prices in Canadian dollars per metric ton at 8:58 CST:
Price Change
Canola Jan 638.00 up 3.70
Mar 628.30 up 2.50
May 614.10 up 2.60
Jul 598.00 up 3.10
