By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 1 (MarketsFarm) – The ICE Futures canola market was stronger Friday morning, although activity was volatile with the November contract trading within a wide C$15 range. Chart-based buying was a feature, as the nearby technicals remain pointed higher.
Chicago Board of Trade soyoil futures were also seeing some choppiness in early activity, climbing sharply at the opening 8:30 CDT bell before drifting lower to hold onto more modest gains.
Malaysian palm oil futures were lower overnight, while European rapeseed futures set fresh contract highs.
The smaller Canadian crop and need to ration demand remained supportive for canola.
The United States Department of Agriculture releases its quarterly stocks report at 11:00 CDT, and any surprises in the data will likely set the tone for the grains and oilseeds.
About 5,000 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola Nov 900.80 up 7.40
Jan 889.30 up 9.30
Mar 876.00 up 10.40
May 851.50 up 12.20
