By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 7 (MarketsFarm) – The ICE Futures canola market was posting gains at midday Monday, recovering from early losses as Chicago Board of Trade soybeans also turned higher.
Concerns over tightening supplies and the need to ration demand going forward remained supportive, especially as exports continue to leave the country at a record pace.
Bullish technical signals added to the gains, as the January contract nears the psychological C$600 per tonne mark.
However, CBOT soyoil was slightly weaker at midday, putting some pressure on canola. Recent strength in the Canadian dollar also tempered the upside.
About 26,000 canola contracts traded as of 10:39 CST.
Prices in Canadian dollars per metric tonne at 10:39 CST:
Price Change
Canola Jan 596.40 up 3.30
Mar 590.40 up 2.50
May 585.80 up 2.60
Jul 578.20 up 1.70
