By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 21 (MarketsFarm) – The ICE Futures canola market was stronger at midday Friday, underpinned by supportive technical signals and gains in Chicago soyoil.
Thursday’s move above key resistance levels was bullish from a chart standpoint, with wide crush margins also keeping end users in the market.
Weekly Canadian canola exports of 407,300 tonnes were nearly double what moved the previous week, according to the latest Canadian Grain Commission data. Domestic disappearance during the week ended Oct. 16 of 246,600 tonnes was up by 65 per cent from the previous week.
The largest gains were in the nearby November contract, with intermonth spreading a feature as participants continue to exit the front month as options against the contract expire today.
About 22,300 canola contracts traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Canola Nov 896.00 up 10.60
Jan 877.20 up 0.90
Mar 879.50 up 1.80
May 881.20 up 2.10
