By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 4 (MarketsFarm) – The ICE Futures canola market was posting solid gains Tuesday morning, seeing a continuation of Monday’s rally as advances in outside markets provided spillover support.
The Chicago soy complex, European rapeseed and Malaysian palm oil futures were all higher, with strength in crude oil pulling world vegetable oil markets up as well.
Chart-based speculative buying was a feature, with domestic processors also thought to be on the buy side as they take advantage of the still wide crush margins.
Seasonal harvest pressure on the other side did temper the gains to some extent, as farmer deliveries have increased in recent weeks.
About 17,000 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Canola Nov 881.30 up 17.50
Jan 889.20 up 16.90
Mar 895.50 up 16.50
May 896.40 up 15.60
