By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 31 (MarketsFarm) – The ICE Futures canola market was stronger at midday Friday, as a rally in Chicago Board of Trade soyoil provided spillover support.
Speculative fund buying added to the gains, as canola retested its nearby highs.
However, resistance was holding to the upside, with the November contract unable to move above C$494 per tonne.
A firmer tone in the Canadian dollar and relatively favourable Prairie crop conditions put some pressure on values.
Positioning ahead of the weekend was another feature. The ICE canola market will be closed Monday, Aug. 3, for Terry Fox Day. Many other Canadian markets will also be closed for civic holidays. Markets in the United States will trade their usual hours.
About 10,200 canola contracts traded as of 10:44 CDT.
Prices in Canadian dollars per metric tonne at 10:44 CDT:
Canola Nov 492.10 up 2.00
Jan 497.20 up 1.70
Mar 500.40 up 1.40
May 502.30 up 0.60