By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 2 (MarketsFarm) – The ICE Futures canola market continued its well established uptrend Tuesday morning, setting fresh contract highs once again.
Tight supplies, solid demand and a lack of willing sellers on the other side remained supportive. Bullish chart signals contributed to the gains, as speculators hold large net-long positions.
Gains in outside markets, including the Chicago Board of Trade soy complex, provided spillover support as well.
However, ideas that canola is looking overpriced at current levels did keep some caution in the market.
About 4,800 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Price Change
Canola Jan 982.70 up 12.50
Mar 957.60 up 12.10
May 927.40 up 12.50
Jul 884.40 up 11.80
