WINNIPEG--The ICE Futures canola market was stronger Thursday, finding spillover support from outside markets.
Chicago soybeans and soyoil were higher on the day, underpinned by solid export demand and ongoing South American production uncertainty. European rapeseed and Malaysian palm oil futures were also up on the day.
Chart-based speculative buying was a feature in the canola market. Both the March and May contracts held above the psychological C$800 per-metric-ton mark. An analyst noted that a drop below that level could spark a selloff.
Strength in the Canadian dollar tempered the advances.
Expectations for increased export competition from Australia also weighed on values.
About 29,500 canola contracts traded as of 11:39 a.m. EST.
Prices in Canadian dollars per metric ton:
Canola
Prices Change
Mar 803.70 up 3.20
May 805.00 up 5.40
Jul 807.00 up 6.10
Nov 791.40 up 5.10
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-26-23 1211ET
