By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 12 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, with the largest gains in the new crop contracts.
Bullish chart signals contributed to the advances, with a move to fresh highs in some months triggering additional speculative buying interest.
Strength in outside markets provided spillover support, with Chicago Board of Trade soybeans, European rapeseed and Malaysian palm oil futures all higher. Crude oil was also up on the day.
However, ideas that canola was looking overpriced at current levels did put some pressure on values.
About 5,000 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Price Change
Canola May 1,171.20 up 4.30
Jul 1,148.30 up 5.90
Nov 1,024.20 up 11.70
Jan 1,024.30 up 11.80
