By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 14 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning as activity resumed after the long weekend. The ICE canola market was closed Monday for Remembrance Day, while grain and oilseed futures in Chicago traded their usual hours.
Soybean futures rallied sharply higher on Monday but were seeing a modest correction on Tuesday. Soyoil was at its strongest levels in three weeks, while Malaysian palm oil and European rapeseed futures were also up compared to last week.
Tightening soyoil supplies accounted for some of the strength in the world vegetable oil markets.
Chart-based positioning also contributed to the gains in canola, with prices testing some key trend-line levels.
About 22,100 canola contracts had traded as of 8:48 CST.
Prices in Canadian dollars per metric ton at 8:48 CST:
Canola Jan 719.70 up 18.60
Mar 726.60 up 17.90
May 730.10 up 16.50
Jul 733.10 up 15.50
