By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 7 (MarketsFarm) The ICE Futures canola market was stronger at midday Thursday, after trading to both sides of unchanged in choppy activity.
Gains in Chicago Board of Trade soyoil futures provided some underlying support, with bullish technical signals adding to the gains. Crude oil had started the day moving lower, but was back trending higher by midsession – which was supportive for the vegetable oil markets in general.
Canada’s tight supply situation remained another bullish influence in the background, although that has been factored into the futures for some time.
Strength in the Canadian dollar and ideas that canola is overpriced at current levels weighed on values.
About 18,000 canola contracts traded as of 10:49 CDT.
Prices in Canadian dollars per metric tonne at 10:49 CDT:
Price Change
Canola Nov 925.60 up 2.80
Jan 913.20 up 3.50
Mar 898.70 up 2.80
May 878.70 up 4.40
