By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 29 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, with chart-based speculative buying a feature as values moved above some key moving averages.
Spillover from outside markets added to the gains, with European rapeseed and Malaysian palm oil futures both testing fresh highs once again. Chicago Board of Trade soyoil futures were also firmer, while the Canadian dollar weakened.
The smaller Canadian crop and need to ration demand remained a supportive influence for canola, although those concerns have been priced into the futures for some time now.
About 6,000 canola contracts had traded as of 8:55 CDT.
Prices in Canadian dollars per metric ton at 8:55 CDT:
Price Change
Canola Nov 892.90 up 7.20
Jan 882.40 up 7.40
Mar 871.40 up 6.20
May 849.10 up 4.60
