By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 26 (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, finding spillover support from outside markets.
Chicago soybeans and soyoil were higher on the day, underpinned by solid export demand and ongoing South American production uncertainty. European rapeseed and Malaysian palm oil futures were also up on the day.
Chart-based speculative buying was a feature in the canola market, with both the March and May contracts holding above the psychological C$800 per tonne mark. An analyst noted that a drop back below that level could spark a selloff.
Strength in the Canadian dollar tempered the advances. Expectations for increased export competition from Australia also weighed on values.
About 29,500 canola contracts traded as of 10:39 CST.
Prices in Canadian dollars per metric tonne at 10:39 CST:
Canola Mar 803.70 up 3.20
May 805.00 up 5.40
Jul 807.00 up 6.10
Nov 791.40 up 5.10
