By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 15 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, outpacing the Chicago soy complex to the upside amid ideas canola remains cheap relative to its product values.
Soybeans and soyoil at the Chicago Board of Trade had been lower earlier in the day, but managed to turn higher and lend spillover support to canola.
European rapeseed and Malaysian palm oil futures were both weaker on the day, but off their lows.
Canola remains stuck in a sideways trading range from a chart perspective, with the nearby January contract said to be facing stiff resistance at the psychological C$900 per tonne level.
About 12,800 canola contracts traded as of 10:38 CST.
Prices in Canadian dollars per metric tonne at 10:38 CST:
Canola Jan 896.40 up 11.50
Mar 884.30 up 7.80
May 884.80 up 7.00
Jul 885.60 up 6.40
