By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger at midday Monday, recovering from earlier losses as gains in Chicago soyoil provided spillover support.
Advances in crude oil contributed to the strength in world vegetable oil markets, with Malaysian palm oil trading near its highest levels in six weeks.
However, European rapeseed futures were down slightly on the day.
The March canola contract was nearing its 20-day moving average, which was supportive from a chart standpoint as the futures continue to show signs of stabilizing after hitting contract lows earlier in the month.
An estimated 27,200 canola contracts traded as of 10:42 CST.
Prices in Canadian dollars per metric tonne at 10:42 CST:
Canola Mar 638.00 up 3.10
May 641.40 up 2.00
Jul 638.00 up 1.80
Nov 644.10 up 2.90
