By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 26 (MarketsFarm) – The ICE Futures canola market was holding onto small gains at midday Tuesday, as early profit-taking selling pressure subsided.
“The chart looks friendly,” said a trader on the speculative buying interest in the market. He noted that canola had broken above the session highs hit on Monday and was now very close to hitting fresh contract highs.
Tight supplies and the need to ration demand contributed to the firmer tone in canola.
However, choppy activity in the Chicago Board of Trade soy complex kept some caution in the market. Soyoil was weaker at midday while soybeans held within a narrow range.
About 14,000 canola contracts traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Price Change
Canola Nov 950.60 up 1.80
Jan 946.90 up 3.40
Mar 931.80 up 3.20
May 904.00 up 3.10
