By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 7 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, finding some spillover support from gains in the Chicago soy complex.
Soyoil futures hit their lowest levels in two weeks on Tuesday but were showing some firmness early Wednesday. European rapeseed and Malaysian palm oil were both holding relatively close to unchanged.
Solid end user demand contributed to the early strength in canola, as canola remains attractively priced.
On the other side, rising production estimates out of Australia were keeping a lid on the Canadian market as the big crop there should cut into some export movement.
About 8,800 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Canola Jan 856.40 up 6.90
Mar 846.90 up 7.20
May 848.90 up 6.50
Jul 852.10 up 7.10
