By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 7 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, as supportive technical signals kept the nearby path of least resistance pointed higher.
Crush margins remain historically wide, which should be keeping end users in the market as well. Meanwhile, farmer selling has backed away for the time being with harvest operations wrapped up across the Prairies.
Chicago soyoil futures had moved higher in overnight activity, but drifted towards unchanged to start the North American session which put some pressure on canola.
The Canadian dollar was firm Monday morning, holding near the one-month highs hit last week.
About 6,800 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric ton at 8:45 CST:
Canola Jan 902.50 up 4.10
Mar 898.70 up 3.40
May 898.50 up 1.40
Jul 898.80 up 1.70
