By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 24 – (MarketsFarm) – ICE Futures canola contracts were higher at midday Friday, seeing a modest correction ahead of the weekend on ideas the sharp declines over the past week were overdone. End-user bargain hunting was also supportive.
Gains in Chicago soyoil and European rapseed futures provided spillover support, with crude oil and Malaysian palm oil also trading off their nearby lows.
The November contract was trading back near its 200-day moving average, after dropping below that key chart point on Thursday.
A lack of significant weather concerns across Western Canada tempered the upside, with the overall technical trends also turning bearish after the recent downturn.
About 28,700 canola contracts traded as of 10:49 CDT.
Prices in Canadian dollars per metric tonne at 10:49 CDT:
Canola Jul 883.80 up 3.60
Nov 868.00 up 23.30
Jan 873.50 up 23.00
Mar 876.50 up 21.70
