ICE Close: Canola Nears Contract Highs

Canola futures ended stronger on Monday, boosted by spillover from gains in Chicago Board of Trade soyoil and Malaysian palm oil.

Bullish chart signals contributed to the gains, as prices neared major upside resistance. Tight supplies remained another supportive influence, although demand is already being rationed at current price levels, according to participants.

Recent strength in the Canadian dollar weighed on values.

November canola was up $19.10 at $948.80, January gained $18.20 to $943.50 and March was $16.70 higher at $928.60.

Source: DePutter Publishing Ltd.

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