By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 23 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Wednesday, hitting fresh contract highs for the second-straight session as gains in outside markets provided spillover support and bullish chart signals kept speculators adding to their long positions.
Chicago Board of Trade soybeans, European rapeseed and Malaysian palm oil futures were all stronger, although soyoil futures were backing away from earlier highs of their own.
Improving crush margins kept domestic processors showing solid demand, despite the tightening supply situation, according to a broker.
The Canadian dollar was firmer at midday, tempering the upside in canola to some extent.
About 15,200 canola contracts traded as of 10:57 CST.
Prices in Canadian dollars per metric tonne at 10:57 CST:
Price Change
Canola Mar 1,048.90 up 16.90
May 1,034.60 up 7.70
Jul 1,005.00 up 4.80
Nov 864.70 up 7.30
