By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 18 – (MarketsFarm) – ICE Futures canola contracts were stronger at midday Monday, as a rally in crude oil pulled world vegetable oil markets up as well.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher on the day. Crude oil was boosted by uncertainty over Russian natural gas supplies.
Forecasts remain hot across most of Western Canada over the next week, with some areas in need of rain. Thunderstorm activity is expected, but there are no widespread rains in the immediate outlook.
From a chart standpoint the November contract was nearing its 100-day moving average but remains well below most other major resistance levels.
About 9,300 canola contracts traded as of 10:55 CDT.
Prices in Canadian dollars per metric tonne at 10:55 CDT:
Canola Nov 855.40 up 12.00
Jan 862.00 up 11.80
Mar 868.40 up 11.50
May 872.40 up 11.50
