By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 16 (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, underpinned by activity in outside markets.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher on the day, lending support to the Canadian oilseed.
Weakness in the Canadian dollar was also supportive, helping crush margins remain historically wide.
However, chart-based positioning tempered the upside, with intermonth-spreading also weighing on the nearby March contract as traders adjust positions ahead of the month-end.
About 22,000 canola contracts traded as of 10:40 CST.
Prices in Canadian dollars per metric tonne at 10:40 CST:
Canola Mar 823.30 up 0.20
May 819.40 up 2.30
Jul 817.80 up 2.50
Nov 799.30 up 3.60
