ICE canola following soybeans higher at midday

Glacier FarmMedia — ICE Futures canola contracts were stronger at midday Monday, hitting their highest levels in two-and-a-half months as a rally in the Chicago soy complex provided spillover support. Chart-based positioning contributed to the gains.

Optimism over increased sales of soybeans from the United States to China after comments made by President Donald Trump on Friday accounted for much of the strength in the soy complex. However, an analyst cautioned that there had yet to be confirmation of any actual business.

European rapeseed and Malaysian palm oil futures were also higher on the day.

However, Canadian canola exports continue to lag the year ago pace, with China absent from the market.

An estimated 25,900 canola contracts traded as of 10:23 CST.

Prices in Canadian dollars per metric tonne at 10:23 CST:

Canola            Jan   656.00    up  8.50

                  Mar   667.30    up  8.70

                  May   675.80    up  8.60

                  Jul   680.40    up  8.40

Access the latest futures prices at https://www.producer.com/markets-futures-prices/