By Phil Franz-Warkentin
Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger Monday morning, taking some direction from the Chicago soy complex.
Soybeans and soyoil were both higher to start the week, with European rapeseed and Malaysian palm oil also up in overnight trade.
Chart-based positioning contributed to the gains in canola, as values hit their highest levels in three weeks. Tightening supply projections and the need to ration demand also underpinned the market.
However, strength in the Canadian dollar tempered the upside, with the currency climbing off nearby lows relative to its United States counterpart.
About 8,700 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Canola Mar 628.40 up 4.40
May 633.20 up 4.50
Jul 635.40 up 4.30
Nov 611.90 up 4.10
