By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 4 – (MarketsFarm) – ICE Futures canola contracts were stronger at midday Monday, posting solid gains in sympathy with outside energy and vegetable oil markets.
Chicago Board of Trade soyoil, European rapeseed and Malaysian palm oil futures were all up on the day, with gains in crude oil contributing to the advances. Concerns over reduced sunflower production in Ukraine also remained supportive for world vegetable oil markets.
Bullish chart signals also underpinned canola, with the old crop May and July contracts back above their 20-day moving averages.
On the other side, a firmer tone in the Canadian dollar put some pressure on canola.
About 8,000 canola contracts traded as of 10:42 CDT.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Price Change
Canola May 1,152.50 up 18.60
Jul 1,122.60 up 16.00
Nov 997.70 up 27.50
Jan 996.70 up 26.90
