By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 14 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were steady to higher on Monday morning, gleaning support from a stronger Chicago soy complex.
There was additional support from higher Malaysian palm oil values, while European rapeseed was slightly higher.
Chart resistance for canola was holding to the upside.
Insufficient rains for soybean crops in Brazil and Argentina was supportive of North American oilseed prices. The continuing strike by grain inspectors and oilseed workers in Argentina was also supportive.
A stronger Canadian dollar was tempering further gains in canola. The loonie was at 78.53 U.S. cents, compared to Friday’s close of 78.31.
About 5,100 canola contracts had traded as of 8:41 CST.
Prices in Canadian dollars per metric tonne at 8:41 CST:
Price Change
Canola Jan 595.70 up 2.10
Mar 587.40 up 1.60
May 581.50 up 0.30
Jul 574.30 up 0.20
