ICE Close: Fresh Contract Highs for Canola

Canola futures were stronger on Tuesday, setting fresh contract highs as bullish chart signals provided support.

Canola started the day on the defensive, but the early profit-taking quickly faded and speculators returned to the buy side. Tight supplies and the need to ration demand contributed to the firmer tone in canola.

However, choppy activity in the Chicago Board of Trade soy complex kept some caution in the market. Soyoil was weaker at the close while soybeans held within a narrow range. Ideas that canola is looking overpriced at current levels also tempered the advances.

November canola gained $12.60 to $961.40, January was up $11.10 at $954.60 and March was $8.60 high at $937.20.

Source: DePutter Publishing Ltd.

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