WINNIPEG, Feb. 16 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, hitting fresh contract highs in many months.
Gains in Chicago Board of Trade soybeans and soyoil provided some spillover support for canola, with Malaysian palm oil also up sharply in overnight activity.
Chart-based buying contributed to the gains in canola, with some stops likely hit on the way up.
Ongoing concerns over tightening old crop canola supplies also remained supportive, with the market working to ration demand.
About 6,500 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Price Change
Canola Mar 739.50 up 9.10
May 709.90 up 9.10
Jul 675.80 up 7.70
Nov 572.80 up 5.70
