ICE Canola Futures Hitting Fresh Contract Highs

WINNIPEG--The ICE Futures canola market was posting solid gains at midday Friday, setting fresh contract highs in many months as some chart stops were likely hit on the way up.

A turn higher in Chicago Board of Trade soybeans contributed to the strength in canola, although the Canadian oilseed was outpacing its United States counterpart to the upside.

Canada's tight supply situation remained a supportive influence, although the need to ration demand is well priced into the market and there were some ideas that the market was due for a correction from a technical standpoint.

Strength in the Canadian dollar, which was up by roughly half of a cent relative to its U.S. counterpart, also put some pressure on values.

About 15,000 canola contracts traded as of 11:50 EST.

Prices in Canadian dollars per metric ton at 11:50 EST:

                          Price      Change 
Canola            Mar   1,037.20    up 13.90 
                  May   1,014.60    up 13.00 
                  Jul     963.70    up 11.20 
                  Nov     794.00    up  7.20 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

01-07-22 1223ET