By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 20 (MarketsFarm) – The ICE Futures canola market was mostly stronger Tuesday morning, with the largest gains in the front months as values touched fresh contract highs.
Follow-through speculative buying after Monday’s gains accounted for some of the early strength, with the November/January spread a feature as investors continued to roll their positions out of the nearby contract ahead of its expiry.
Gains in Chicago Board of Trade soybeans and soyoil provided some spillover support.
The Canadian dollar was steady in early activity, providing little direction.
Ample supplies in the commercial pipeline kept a lid on the upside, although demand remains solid from both exporters and domestic crushers.
About 10,700 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Price Change
Canola Nov 535.40 up 2.30
Jan 538.90 up 2.70
Mar 543.10 up 1.80
May 542.00 dn 0.40
