By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 16 (MarketsFarm) – The ICE Futures canola market was stronger Friday morning, hitting fresh contract highs in many months.
Gains in Chicago Board of Trade soyoil and soybeans provided some spillover support for canola, with the Canadian oilseed also underpinned by its own bullish fundamentals of tight old crop supplies.
Supportive chart signals contributed to the gains, with trend lines still pointing higher for the oilseed.
However, a firmer tone in the Canadian dollar tempered the advances.
Signs of a slowdown in export demand also put some pressure on values, with weekly Canadian canola exports of only 109,700 tonnes in the latest Canadian Grain Commission report roughly a third of what moved the previous week.
About 5,500 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Canola May 829.90 up 0.60
Jul 768.50 up 8.10
Nov 645.40 up 3.60
Jan 646.50 up 3.90