By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 25 (MarketsFarm) – The ICE Futures canola market was up sharply at midday Monday, taking back some of the previous week’s losses as a rally in the Chicago Board of Trade soy complex and a weaker tone in the Canadian dollar provided support.
Soyoil was up by more than a penny per pound, while soybeans were also posting solid gains.
Chart-based buying was a feature, with some stops likely hit on the way up. Bullish underlying fundamentals were also supportive, given the ongoing concerns over tightening old crop supplies.
However, the new crop months lagged the front months to the upside as the latest strength in the canola market should encourage acres this spring.
About 21,700 canola contracts traded as of 10:45 CST.
Prices in Canadian dollars per metric tonne at 10:45 CST:
Price Change
Canola Mar 670.00 up 20.40
May 650.30 up 14.50
Jul 635.00 up 11.40
Nov 550.30 up 4.90
