By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 7 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, as ongoing strength in Chicago Board of Trade soyoil provided support.
Soyoil moved above nearby resistance to touch its best levels in nearly a month. Malaysian palm oil was also higher in overnight activity, with a firmer tone in crude oil and the global equity markets reportedly lending some spillover support to vegetable oils.
A lack of significant farmer selling pressure also helped underpin the canola market.
However, ongoing uncertainty over the COVID-19 pandemic remained a bearish influence in the background.
Strength in the Canadian dollar, which was trading back above 71 U.S. cents at midday, also tempered the upside in canola, according to participants.
About 6,500 canola contracts traded as of 10:30 CST.
Prices in Canadian dollars per metric tonne at 10:30 CST:
Canola May 464.50 up 1.90
Jul 471.70 up 1.20
Nov 479.30 up 0.90
Jan 486.20 up 1.70
Futures Prices as of April 7, 2020
Prices are in Canadian dollars per metric ton