By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 10 (MarketsFarm) – The ICE Futures canola market was sharply higher a midday Monday, hitting fresh four-month highs.
Bullish chart signals contributed to the gains, as the November contract climbed above its 200-day moving average around C$770 per tonne and psychological resistance at C$780. An analyst noted that a close above C$780 could set the stage for a move back above C$800 per tonne.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher, providing spillover support for the Canadian oilseed.
Weather concerns in parts of Western Canada also underpinned the futures, with many areas of Alberta and Saskatchewan in need of moisture and heat warnings in place in southern Alberta.
About 24,800 canola contracts traded as of 10:38 CDT.
Prices in Canadian dollars per metric tonne at 10:38 CDT:
Canola Nov 784.20 up 25.50
Jan 788.20 up 25.80
Mar 791.00 up 25.90
May 791.20 up 24.30
