By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 13 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, taking back some of Tuesday’s losses amid ideas the downturn was overdone.
Early strength in Chicago Board of Trade soyoil futures and gains in Malaysian palm oil provided some spillover support for the Canadian oilseed.
Tight supplies and a slowdown in seasonal harvest-pressure, with the harvest complete across most of the Prairies, also helped underpin the futures.
However, strength in the Canadian dollar and losses in CBOT soybeans put some pressure on values. Tuesday’s losses were also bearish from a chart-standpoint.
About 6,500 canola contracts had traded as of 8:54 CDT.
Prices in Canadian dollars per metric ton at 8:54 CDT:
Canola Nov 908.70 up 7.60
Jan 898.50 up 7.70
Mar 883.40 up 5.50
May 862.00 up 6.00