WINNIPEG, Manitoba--ICE Futures canola contracts were posting small gains at midday Monday, recovering from earlier losses as gains in Chicago soyoil provided support.
The nearby May contract dipped below its 20-day moving average in early activity but moved back above that chart point as the day progressed.
Chicago soyoil traded just under contract highs, with the ongoing uncertainty over the war in the Middle East keeping some caution in global markets--including vegetable oils.
Speculative fund traders are holding a large net long position in canola of just over 100,000 contracts, according to the latest Commitments of Traders report.
The Canadian dollar was slightly firmer at midday but remains near four-month lows relative to its U.S. counterpart.
The softer currency is supportive for crush margins, which have widened to record levels over the past month.
An estimated 20,700 canola contracts traded as of 11:40 a.m. EDT.
Prices in Canadian dollars per metric tonne at 11:40 a.m. EDT:
Price Change
May 727.30 up 0.30
Jul 740.30 up 0.30
Nov 734.00 up 0.20
Jan 739.90 up 0.10
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-06-26 1205ET
