By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 9 (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning, seeing some follow-through buying interest after yesterday’s gains.
March canola was testing major chart resistance in early activity, trading at its highest levels in three months.
Advances in Chicago Board of Trade soyoil and a slightly weaker tone in the Canadian dollar contributed to the buying interest in canola, as that combination helped underpin the already wide crush margins.
However, positioning ahead of Friday’s monthly supply/demand estimates from the United States Department of Agriculture could lead to some choppiness in the grains and oilseeds as the session progresses. CBOT soybeans were narrowly mixed in early activity.
About 4,200 canola contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric ton at 8:36 CST:
Price Change
Canola Mar 483.00 up 2.30
May 491.60 up 2.20
Jul 496.00 up 1.70
Jan 497.40 up 1.40
