By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 15 (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning, moving back above C$700 per tonne in the nearby July contract for the first time in nearly a month.
The new crop November contract was testing key chart resistance at C$680 per tonne, with a move above that level likely triggering additional buying interest, according to an analyst.
A rally in Chicago soyoil provided spillover support for the Canadian oilseed, with European rapeseed and Malaysian palm oil futures also up on the day.
Production uncertainty also helped underpin the canola market, with persistent dryness concerns in parts of the Prairies.
About 10,500 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Canola Jul 703.00 up 8.80
Nov 679.90 up 8.00
Jan 687.00 up 8.10
Mar 693.80 up 8.80
