By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 1 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, recovering from earlier losses as gains in the Chicago Board of Trade soy complex provided support.
Soybeans climbed to fresh contract highs on the back of production worries out of South America. Soyoil was also up on the day, but slightly off its own highs. The Malaysian palm oil market was closed for the Lunar New Year.
Chart-based positioning was a feature, as fund traders continue to roll out of the nearby March contract.
Ongoing concerns over tight old crop supplies remained supportive for canola as well, although demand is being rationed at current price levels.
About 13,500 canola contracts traded as of 10:49 CST.
Prices in Canadian dollars per metric tonne at 10:49 CST:
Price Change
Canola Mar 1,025.00 up 11.80
May 1,012.40 up 10.40
Jul 986.20 up 10.00
Nov 844.20 up 7.80
