By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 8 (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning, seeing a continuation of Wednesday’s gains as the nearby technical signals have improved.
Advances in Chicago soyoil provided spillover support, with European rapeseed futures also higher in overnight activity.
However, crush margins have moved well off their recent highs, tempering the upside to some extent.
A firmer tone in the Canadian dollar also put some pressure on the market.
About 9,100 canola contracts had traded as of 8:47 CST.
Prices in Canadian dollars per metric ton at 8:47 CST:
Canola Jan 873.40 up 9.80
Mar 860.90 up 8.50
May 859.70 up 5.90
Jul 858.00 up 2.60
