By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 16 (MarketsFarm) -The ICE Futures canola market was posting solid gains at midday Wednesday, finding spillover support from advances in outside markets.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all stronger on the day, although crude oil held near unchanged.
Bullish chart signals contributed to the gains in canola, as prices continued to recover off nearby lows while moving above the 50- and 200-day moving averages.
However, a lack of fresh weather concerns across Western Canada and the looming harvest tempered the upside.
About 17,300 canola contracts traded as of 10:54 CDT.
Prices in Canadian dollars per metric tonne at 10:54 CDT:
Canola Nov 788.50 up 11.10
Jan 794.20 up 10.70
Mar 797.00 up 10.30
May 796.30 up 9.90
