By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 11 (MarketsFarm) – The ICE Futures canola market was mostly stronger at midday Tuesday, seeing some follow-through buying interest after Monday’s rally.
Chart-based buying contributed to the gains, as canola tested major resistance levels to the upside.
Advances in Chicago soybeans and European rapeseed futures provided spillover support, although a downturn in soyoil tempered the upside in canola.
A strike by British Columbia port workers has not yet disrupted grain handling, but container traffic has been affected and traders will be keeping their eyes on the situation.
About 21,600 canola contracts traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Canola Nov 788.60 up 7.20
Jan 791.90 up 6.80
Mar 790.30 up 2.90
May 785.50 dn 1.40
