By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 15 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, seeing some follow-through buying interest after Monday’s move higher.
Chart signals contributed to the gains, as the November contract moved back above its 200-day moving average.
Gains in Chicago soyoil provided additional spillover support, with Malaysian palm oil also higher in overnight activity. However, soybeans were softer while European rapeseed held closer to unchanged.
Heat warnings remain in place in southern Alberta, while temperatures in the upper-20’s to low-30’s Celsius are also forecast across the rest of the Prairies.
About 7,500 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Canola Nov 777.00 up 6.20
Jan 783.00 up 6.60
Mar 785.70 up 6.60
May 786.30 up 6.70
