By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 3 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Tuesday as chart-based positioning to start the New Year provided support.
Gains in European rapeseed futures and a weaker tone in the Canadian dollar contributed to the advances in canola, according to participants.
However, a softer tone in the Chicago soy complex put some pressure on values.
Volumes remain on the light side as participants slowly return to the market after the holidays.
About 9,500 canola contracts traded as of 10:43 CST.
Prices in Canadian dollars per metric tonne at 10:43 CST:
Canola Mar 871.90 up 6.10
May 868.60 up 6.00
Jul 867.10 up 5.50
Nov 836.50 up 6.70
