WINNIPEG, Manitoba--The ICE Futures canola market was stronger Wednesday morning, taking some direction from Chicago soyoil.
European rapeseed was also up on the day, although Chicago soybeans and Malaysian palm oil were lower.
The March canola contract was trading above both its 20- and 100-day moving averages but ran into resistance around the C$625-per-metric-ton area.
Tightening supply projections and the ongoing need to ration demand going forward remained supportive from a fundamental standpoint, with Canadian canola still looking cheap compared to other oilseeds.
About 13,900 canola contracts had traded as of 9:58 a.m. EST.
Prices in Canadian dollars per metric ton at 9:58 a.m. EST:
Price Change Mar 624.60 up 2.90 May 630.60 up 3.00 Jul 632.90 up 2.20 Nov 607.90 up 0.20
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-08-25 1039ET