By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 23 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Monday, supported by gains in comparable vegetable oils.
One Winnipeg-based trader noted canola values were due for a correction.
“Technical indicators show [canola] is running out of momentum, but not hitting enough selling to break the rally yet,” he said.
Nearby soyoil contracts were higher in early trade. Globally, Malaysian palm oil and European rapeseed were higher in overnight trade, which also gave canola prices a bit of a boost.
A slight dip in the loonie was another supportive factor for canola. The dollar was around 76.3 United States cents.
Approximately 15,000 canola contracts were traded as of 10:45 CST.
Prices in Canadian dollars per metric tonne at 10:45 CST:
Canola Jan 582.40 up 6.20
Mar 578.30 up 4.90
May 574.60 up 4.50
Jul 568.80 up 3.30