By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sep. 13 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, seeing some follow-through buying interest after Monday’s rally.
The nearby November contract was trading back above the C$800 per tonne level, which was supportive from a technical standpoint. Gains in Chicago soyoil and other outside markets, including Malaysian palm oil and European rapeseed futures, also helped underpin the Canadian oilseed.
The Canadian dollar was weaker in early activity, underpinning crush margins and making exports more attractive to international buyers.
However, seasonal harvest pressure did keep a lid on the upside, as Prairie farmers continue to make good progress amidst relatively favourable weather.
Statistics Canada’s updated production estimates will be out on Wednesday.
About 8,100 canola contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric ton at 8:34 CDT:
Canola Nov 813.20 up 13.50
Jan 820.70 up 13.40
Mar 827.50 up 13.40
May 827.50 up 12.10
