The canola market was stronger on Friday, testing fresh six-month highs once again as speculative traders remained on the buy side.
Gains in Chicago soyoil and solid export demand also provided some support. However, resistance held to the upside, with the November contract unable to move above $494/tonne. Farmer selling was likely coming forward at the highs, according to participants.
A firmer tone in the Canadian dollar and relatively favourable Prairie crop conditions put some pressure on values. Positioning ahead of the long weekend was another feature. The ICE canola market will be closed Monday, Aug. 3, for Terry Fox Day. Many other Canadian markets will also be closed for civic holidays. Markets in the United States will trade their usual hours.
November canola gained $1.40 to $491.50, January was up $1.60 to $497.10 and March was $1 higher at $500.
Source: DePutter Publishing Ltd.
Information contained herein is believed to be accurate but is not guaranteed by the parties providing it. Syngenta, DePutter Publishing Ltd. and their information sources assume no responsibility or liability for any action taken as a result of any information or advice contained in these reports, and any action taken is solely at the liability and responsibility of the user.