By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 17 – (MarketsFarm) – ICE Futures canola contracts were stronger at midday Tuesday, touching fresh highs in the old crop July contract as bullish technical signals kept speculators adding to their long positions.
Strength in Chicago Board of Trade soyoil provided spillover support, with Malaysian palm oil also up on the day. However, European rapeseed futures saw a modest correction after posting solid gains in recent sessions.
Tight old crop supplies and uncertainty over new crop protection remained supportive from a fundamental standpoint. Persistent rains in the eastern Prairies continue to slow seeding progress in the region. However, forecasts calling for some much needed precipitation in Alberta will be beneficial for crops there.
About 7,400 canola contracts traded as of 10:39 CDT.
Prices in Canadian dollars per metric tonne at 10:39 CDT:
Price Change
Canola Jul 1,206.00 up 10.00
Nov 1,107.70 up 2.90
Jan 1,111.00 up 3.20
Mar 1,114.10 up 9.80
