By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 16 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, seeing some follow-through buying interest after Friday’s gains.
Advances in outside vegetable oil markets, including Malaysian palm oil and Chicago soyoil, provided some spillover support for the Canadian oilseed. Canola looks cheap from an end user standpoint, as it has lagged those other markets to the upside recently.
However, ample supplies in the commercial pipeline kept a lid on any advances.
Strength in the Canadian dollar, which was trading above 76 U.S. cents, also put some pressure on values.
About 5,300 canola contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric ton at 8:39 CST:
Price Change
Canola Jan 463.10 up 2.10
Mar 472.10 up 2.30
May 480.90 up 2.20
Jul 486.80 up 2.30
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