By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 19 (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, seeing a continuation of Friday’s rally as bullish chart signals kept speculators on the buy side of the market.
While parts of northern Alberta were getting precipitation, southern Alberta and much of Saskatchewan remains dry and in need of moisture.
Dry forecasts for much of the soybean and corn growing regions of the United States were also thought to be supportive, with expectations for gains in those markets when activity resumes this evening. Markets in the U.S. were closed Monday for the Juneteenth holiday.
European rapeseed and Malaysian palm oil futures were softer on the day, putting some pressure on canola. Ideas that the market may be starting to look overbought after the recent rally also slowed the advances.
About 15,500 canola contracts traded as of 10:38 CDT.
Prices in Canadian dollars per metric tonne at 10:38 CDT:
Canola Jul 746.80 up 13.50
Nov 719.80 up 9.40
Jan 723.70 up 6.40
Mar 729.10 up 5.60
