By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 8 (MarketsFarm) – The ICE Futures canola market was posting gains Wednesday morning, recovering from overnight losses in choppy activity.
A turn higher in Chicago Board of Trade soyoil accounted for some of the spillover buying interest in canola.
Slight weakness in the Canadian dollar and ideas that canola remains cheap compared to other oilseeds also remained supportive.
However, global geopolitical uncertainty kept some caution in all markets and could lead to volatility, as investors react to shifting news out of the Middle East.
Canola was testing resistance from a technical standpoint, with the most active March contract touching its highest levels in three months.
About 5,200 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric ton at 8:45 CST:
Price Change
Canola Mar 482.10 up 2.40
May 490.50 up 1.90
Jul 495.50 up 1.70
Jan 496.60 up 0.10
