By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 20 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, setting fresh contract highs as bullish technical signals provided support.
Gains in outside markets were another supportive influence, with Malaysian palm oil, European rapeseed and Chicago Board of Trade soyoil futures all moving higher.
Canada’s tight supply situation contributed to the firmer tone, although canola is said to be looking overpriced at current levels.
The Canadian dollar was trading at its strongest levels in three months, which also tempered the gains in canola.
About 8,100 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Nov 950.20 up 12.40
Jan 945.40 up 13.70
Mar 930.10 up 12.30
May 902.40 up 9.70
