By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 6 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Friday, taking back Thursday’s losses as gains in Chicago soyoil provided support. Chart-based positioning to end the week contributed to the activity.
European rapeseed futures were also posting small gains in the most active months, although Malaysian palm oil moved lower overnight.
Strength in the Canadian dollar tempered the upside in canola, with the currency back above 74 U.S. cents.
Canola exports and the domestic crush are both running ahead of the year-ago pace, according to the latest Canadian Grain Commission data.
About 17,500 canola contracts traded as of 10:32 CST.
Prices in Canadian dollars per metric tonne at 10:32 CST:
Canola Mar 870.20 up 4.90
May 866.80 up 4.20
Jul 867.10 up 5.10
Nov 836.00 up 4.20
