By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger at midday Tuesday, seeing a corrective bounce off contract lows amid ideas the losses were looking overdone.
March canola hit a contract low of C$610.20 per tonne on Monday but was trading well above that level by midday Tuesday. However, prices remained under most major moving averages.
Gains in outside markets provided spillover support, with Chicago soyoil and European rapeseed futures both up on the day.
A weaker tone in the Canadian dollar also underpinned canola, as the softer currency boosts crush margins and makes exports more attractive to international buyers.
An estimated 21,700 canola contracts traded as of 10:34 CST.
Prices in Canadian dollars per metric tonne at 10:34 CST:
Canola Mar 623.40 up 7.00
May 630.80 up 6.60
Jul 636.70 up 6.30
Nov 635.70 up 5.80
