By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 6 (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning, taking back Wednesday’s losses.
Gains in Chicago Board of Trade soyoil accounted for some of the spillover buying interest, with Malaysian palm oil and European rapeseed futures also firm overnight.
However, chart resistance held to the upside, tempering the gains. Relatively favourable weather conditions across the Prairies and the looming harvest also weighed on values.
About 5,400 canola contracts had traded as of 8:50 CDT.
Prices in Canadian dollars per metric ton at 8:50 CDT:
Canola Nov 491.10 up 2.70
Jan 497.10 up 2.10
Mar 501.20 up 1.60
May 505.50 up 2.00