By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 15 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, seeing a continuation of Tuesday’s rally.
Gains in Chicago soyoil provided spillover support, although soybeans and meal were both lower. Malaysian palm oil hit fresh two-month highs in overnight activity but was running into some resistance.
The January canola contract moved above its 20-day moving average on Tuesday and was testing resistance at the 50-day trendline around C$720 per tonne on Wednesday.
Strength in the Canadian dollar, which was trading back above 73 U.S. cents, put some pressure on values.
About 13,600 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric ton at 8:45 CST:
Canola Jan 718.90 up 5.00
Mar 725.40 up 5.10
May 728.80 up 5.40
Jul 732.20 up 5.60
