By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 6 (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning, seeing some follow-through buying interest after Monday’s gains.
Gains in Chicago soyoil and a softer tone in the Canadian dollar contributed to the early increases in canola. European rapeseed and Malaysian palm oil futures were also showing some firmness.
Chart-based positioning was another supportive influence, although canola remains rangebound overall.
While crush margins remain historically wide, they have deteriorated sharply in recent days which was tempering the upside to some extent.
About 5,500 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Canola Jan 863.80 up 4.80
Mar 853.70 up 3.70
May 856.90 up 3.00
Jul 860.50 up 3.00
