ICE canola uptrend continues Tuesday morning

Glacier FarmMedia — ICE canola futures were stronger Tuesday morning, but off their overnight highs as activity resumed in the United States after the Martin Luther King Jr. holiday.

• Chicago soyoil futures were firmer in early trade, while soybeans and soyoil were mostly lower.
• The reduction of Chinese tariffs on Canadian canola announced Friday remained supportive, with reports of Chinese buyers already making some purchases for delivery after March 1.
• However, canola supplies remain burdensome, with expectations for large ending stocks overhanging the market.
• March canola was trading above most of its major moving averages, with speculative buying a feature. However, some technical indicators were looking overbought, which may limit the upside.
• European rapeseed and Malaysian palm oil futures were higher on the day.
• About 29,700 canola contracts had traded as of 8:47 CST.

Prices in Canadian dollars per metric tonne at 8:47 CST:

Canola            Mar   641.30    up  2.30

                  May   653.60    up  3.80

                  Jul   660.70    up  5.00

                  Nov   656.40    up  6.00

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