WINNIPEG, Manitoba--ICE Futures canola contracts moved higher during the week ended Feb. 22, but ran into some resistance to the upside as values held rangebound overall.
Beyond the chart signals, the canola trade continues to keep a close eye on weather conditions in South America, with soybeans in Argentina hit by frost in some areas over the weekend while rains continued to cause delays to the Brazilian harvest.
"Technicals, short-covering, fund buying and a lack of selling" were all providing support during the week along with spillover from advances in Chicago soyoil, according to Jamie Wilton of RJ O'Brien in Winnipeg.
The most-active May contract gained more than C$20 per metric ton over the course of the week, hitting a session high of C$835.00 on Feb. 22. The contract ran into resistance at that point to settle at C$831.70.
Mr. Wilton placed the next level of resistance after C$835 at around C$845 to C$850.
On the other side, support comes in around C$820.00, according to Mr. Wilton.
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-22-23 1719ET
