By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger Monday morning, with chart-based positioning a feature.
The July contract was trading back above its 20- and 100-day moving averages after dipping below those technical indicators late last week.
Strength in the Chicago soy complex provided spillover support, with European rapeseed and Malaysian palm oil also higher in overnight trade.
The Canadian dollar was holding relatively steady in early trade, providing little direction.
About 11,000 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Canola May 626.20 up 8.50
Jul 644.10 up 9.70
Nov 660.00 up 8.50
Jan 667.30 up 7.80
