By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 13 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Tuesday, as gains in outside markets provided support.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher on the day, pulling the Canadian oilseed up as well. Weakness in the United States dollar index was supportive for many commodities, although the resulting strength in the Canadian dollar did temper the upside in canola to some extent.
Canola failed to follow soyoil higher on Monday, causing crush margins to widen back out after narrowing in recent sessions.
The gains in canola were bullish from a chart standpoint, as prices have moved back above several key moving averages.
About 20,000 canola contracts traded as of 10:42 CST.
Prices in Canadian dollars per metric tonne at 10:42 CST:
Canola Jan 885.10 up 12.40
Mar 868.70 up 14.40
May 862.90 up 13.60
Jul 858.40 up 11.80
