By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 19 (MarketsFarm) – The ICE Futures canola market was stronger Friday morning, seeing a continuation of its recent upward trend as gains in Chicago Board of Trade soyoil and soybeans provided some support.
Renewed optimism over Chinese purchases of soybeans from the United States, following trade talks between the two countries in Hawaii, accounted for some of the strength in the soy complex that spilled into canola.
Supportive chart signals added to the gains, as the nearby technical trends remain pointed higher for canola.
However, Canada’s own diplomatic situation with China remains questionable as China has now formally charged two Canadians held for the past 18 months with espionage.
A firm tone in the Canadian dollar and a lack of significant weather concerns in the Prairies also tempered the advances.
About 5,600 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric ton at 8:41 CDT:
Price Change
Canola Jul 474.90 up 2.60
Nov 478.00 up 2.10
Jan 483.80 up 2.20
Mar 489.20 up 2.50
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