By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 16 (MarketsFarm) – The ICE Futures canola market was sharply higher Friday morning, seeing follow-through buying interest after Thursday’s rally.
Both the old crop July and the new crop November contracts moved above key moving averages, contributing to the speculative buying interest.
Gains in the Chicago soy complex provided spillover support as well amid dryness concerns across the Midwest, with European rapeseed and Malaysian palm oil also up on the day.
The agricultural markets in the United States will be closed Monday for Juneteenth, while canola will trade its usual hours. Positioning ahead of the U.S. long weekend could lead to some choppiness during Friday’s session.
About 17,500 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric ton at 8:37 CDT:
Canola Jul 737.90 up 22.80
Nov 713.20 up 20.20
Jan 719.10 up 18.60
Mar 725.00 up 17.70
