By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 19 (MarketsFarm) – The ICE Futures canola market traded to both sides of unchanged in overnight activity, but was pointing decidedly higher as the North American day session got underway.
While early losses in Chicago Board of Trade soybeans put some pressure on values, gains in soyoil and other outside vegetable oil markets provided support.
Bullish chart signals and solid crush margins also underpinned the canola market, according to participants.
The Canadian dollar was holding steady, providing little direction.
Ample visible supplies in the commercial pipeline remained a bearish influence in the background.
About 6,500 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric ton at 8:45 CST:
Price Change
Canola Jan 467.90 up 2.30
Mar 477.10 up 2.20
May 486.10 up 2.50
Jul 491.20 up 1.90
