By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 7 (MarketsFarm) – The ICE Futures canola market was holding onto small gains Tuesday morning, seeing a modest recovery after recent losses.
Gains in outside vegetable oil markets, including Malaysian palm oil and Chicago Board of Trade soyoil, provided some spillover support for canola. A weaker tone in the Canadian dollar also underpinned the futures, helping boost crush margins.
However, early losses in CBOT soybeans put some pressure on values.
The market was also nearing resistance from a technical standpoint, which limited the advances.
About 3,300 canola contracts had traded as of 8:37 CST.
Prices in Canadian dollars per metric ton at 8:37 CST:
Price Change
Canola Mar 479.00 up 1.80
May 487.90 up 1.70
Jul 493.60 up 1.80
Jan 495.70 up 0.80
