By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 26 (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning, seeing a continuation of Wednesday’s corrective bounce as values recovered off nearby lows.
Gains in Chicago soyoil and soybeans provided spillover support, with persistent South American weather concerns and large weekly exports behind some of the strength there. European rapeseed and Malaysian palm oil futures were also up on the day.
Strength in the Canadian dollar tempered the advances, with the currency up by nearly half a cent relative to its United States counterpart. Expectations for increased export competition from Australia also weighed on values.
About 8,500 canola contracts had traded as of 8:38 CST.
Prices in Canadian dollars per metric ton at 8:38 CST:
Canola Mar 804.70 up 4.20
May 804.50 up 4.90
Jul 806.50 up 5.60
Nov 791.00 up 4.70
