By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 10 (MarketsFarm) – The ICE Futures canola market was mostly stronger at midday Friday, hitting fresh three-month highs in the November contract as bullish technical signals underpinned the market and speculators continued to cover short positions.
The November contract closed above the 200-day moving average on Thursday, and remained pointed higher on Friday.
A firmer tone in Chicago Board of Trade soyoil was also supportive, although soybeans were posting small losses.
The United States Department of Agriculture releases its monthly supply/demand report at 11:00 CDT, and any surprises in the data will likely swing the markets in final trading hours ahead of the weekend.
About 12,000 canola contracts traded as of 10:28 CDT.
Prices in Canadian dollars per metric tonne at 10:28 CDT:
Canola Nov 482.80 up 1.40
Jan 489.10 up 0.60
Mar 494.20 up 0.10
May 497.60 dn 0.40