WINNIPEG, Manitoba--The ICE Futures canola market was stronger Friday morning, showing a continued recovery off contract lows as the market showed signs of establishing a bottom after its months-long downtrend.
The May contract managed to settle just above its 20-day moving average on Thursday and was holding above that key chart point again on Friday as traders continued to adjust positions ahead of the weekend.
Chicago soyoil and European rapeseed futures were both stronger, providing spillover support, while Malaysian palm oil held steady after posting solid gains earlier in the week.
Scale-up farmer selling and a lack of significant end user buying interest tempered the advances, with analysts expecting values may consolidate in a narrow range for the time being in the absence of a supportive fundamental catalyst.
About 8,800 canola contracts had traded as of 9:52 a.m. ET.
Prices in Canadian dollars per metric ton at 9:52 a.m. ET:
Canola Price Change May 595.20 up 1.50 July 603.00 up 2.10 Nov 610.40 up 2.10 Jan 615.20 up 1.20
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-01-24 1039ET
