By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger Friday morning, continuing to correct off the two-month lows hit earlier in the week.
Chart-based positioning ahead of the weekend was a feature, as values held above major technical support levels.
Gains in European rapeseed futures and the Chicago soy complex provided spillover support, although Malaysian palm oil settled near unchanged in overnight activity.
Strength in the Canadian dollar put some pressure on values. Welcome precipitation across dry regions of the Prairies also weighed on the market, although the moisture may cause some seeding delays if it persists.
About 10,500 canola contracts had traded as of 8:50 CDT.
Prices in Canadian dollars per metric ton at 8:50 CDT:
Canola Jul 643.80 up 6.90
Nov 658.20 up 6.10
Jan 666.70 up 6.20
Mar 670.10 up 4.90
