By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 3 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, playing catch-up with Chicago soyoil and soybeans which were stronger Monday when the Canadian market was closed for the National Day for Truth and Reconciliation.
However, the soy complex was softer on Tuesday which tempered the upside in canola. European rapeseed and Malaysian palm oil futures were also lower.
Chart-based positioning contributed to the gains in canola, with the November contract back above the psychological C$710 per tonne level.
Recent weakness in the Canadian dollar, which has lost more than a full cent relative to its U.S. counterpart over the past few days, was also supportive.
An estimated 41,800 canola contracts traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Canola Nov 713.70 up 6.70
Jan 721.70 up 5.70
Mar 728.70 up 5.40
May 731.70 up 5.00
