By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 17 (MarketsFarm) – ICE Futures canola contracts were posting solid gains at midday Friday, seeing a continued recovery after the losses posted earlier in the week.
A turn higher in Chicago Board of Trade soyoil provided underlying support for canola, while a weaker tone in the Canadian dollar contributed to the gains as crush margins improved.
Chart-based buying was a feature, as Thursday’s activity was constructive from a technical standpoint.
However, large supplies in the commercial pipeline tempered the upside. The Canadian Grain Commission reported total visible canola supplies of 1.5 million tonnes in its latest weekly report.
About 10,200 canola contracts traded as of 11:04 CST.
Prices in Canadian dollars per metric tonne at 11:04 CST:
Price Change
Canola Mar 480.20 up 4.20
May 489.00 up 4.00
Jul 494.20 up 3.90
Nov 496.70 up 2.20
