By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 17 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, rallying in sympathy with outside vegetable oil markets.
Malaysian palm oil was firmer in overnight activity while Chicago Board of Trade soyoil was at its highest levels in two years. European rapeseed futures also hit fresh contract highs.
Bullish chart signals and ideas that canola was looking cheap compared to other oilseeds provided additional support, according to participants.
However, ample visible supplies in the commercial pipeline put some pressure on values.
Recent strength in the Canadian dollar also capped the upside, although the currency was slightly softer early Tuesday.
About 14,500 canola contracts had traded as of 8:50 CST.
Prices in Canadian dollars per metric ton at 8:50 CST:
Price Change
Canola Jan 465.70 up 3.70
Mar 474.50 up 3.60
May 483.00 up 3.20
Jul 489.20 up 3.10
