By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 22 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, seeing a continuation of yesterday’s advances.
Sharp gains in the Chicago Board of Trade soy complex provided spillover support for canola, with Malaysian palm oil and European rapeseed futures also stronger overnight.
Ongoing concerns over tight supplies and the need to ration demand also continued to underpin the market, although canola is thought to be looking overpriced at current levels.
Year-end positioning remains a feature in the market, as traders move to the sidelines ahead of the holidays.
About 6,000 canola contracts had traded as of 8:48 CST.
Prices in Canadian dollars per metric ton at 8:48 CST:
Price Change
Canola Jan 1,027.90 up 5.30
Mar 1,018.50 up 5.60
May 981.00 up 4.40
Jul 928.30 up 6.20
