By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 16 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, seeing a continuation of the chart-based correction off nearby lows that supported prices late last week.
The nearby November contract settled above its 20-day moving average for the first time in a month on Friday, which was constructive from a technical standpoint.
Gains in Chicago soyoil and Malaysian palm oil futures provided spillover support, although European rapeseed was lower in overnight trade.
A slowdown in seasonal harvest pressure contributed to the gains, with most of the Prairie canola crop off the field by now.
About 14,500 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Canola Nov 723.20 up 3.20
Jan 727.50 up 2.40
Mar 732.10 up 2.70
May 734.90 up 1.40
