By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 17 (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning, seeing a continuation of the corrective bounce off nearby lows that has supported prices all week.
Gains in Chicago soyoil provided spillover support, with Malaysian palm oil also higher on the day.
Chart signals contributed to the gains, as the November contract neared the psychological C$800 per tonne level.
However, a lack of fresh weather concerns across Western Canada and the looming harvest tempered the upside.
About 7,500 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric ton at 8:41 CDT:
Canola Nov 798.60 up 7.90
Jan 803.70 up 7.10
Mar 804.60 up 5.20
May 802.20 up 3.50
