By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 10 (MarketsFarm) – The ICE Futures canola market was stronger at midday Wednesday, hitting fresh contract highs as tight supplies, bullish technical signals and spillover from outside markets all provided support.
Chicago Board of Trade soyoil futures were posting solid gains at midday, while European rapeseed and Malaysian palm oil futures were also stronger in overnight trade.
Speculators continue to hold large net long positions in canola, with a lack of significant selling pressure on the other side keeping the technical bias higher. The tight supply situation in Western Canada also remains supportive from a fundamental standpoint.
The canola market will be closed Thursday for Remembrance Day, with some positioning ahead of the holiday likely behind some of the activity.
About 13,800 canola contracts traded as of 10:44 CST.
Prices in Canadian dollars per metric tonne at 10:44 CST:
Price Change
Canola Jan 997.70 up 8.30
Mar 969.50 up 5.30
May 938.00 up 3.90
Jul 899.80 up 3.50
