ICE canola rising at midday Wednesday

Glacier FarmMedia — ICE Futures canola contracts were stronger at midday Wednesday, finding spillover support from advances in Chicago soybeans.

• European rapeseed and Malaysian palm oil futures were also higher on the day, although soyoil was trading near unchanged.
• The March contract moved above C$650 per tonne, providing additional support from a technical standpoint. A close above that key chart level would set the stage for a test of the next upside resistance at C$660 per tonne, said an analyst.
• Optimism over increased export movement to China remained supportive, with the country’s tariffs on Canadian canola set to drop in March.
• The Canadian dollar was slightly softer at midday, but still near 16-month highs relative to its United States counterpart.

• An estimated 34,700 canola contracts traded as of 10:49 CST.

Prices in Canadian dollars per metric tonne at 10:49 CST:

Canola            Mar   652.20    up  5.50

                  May   662.90    up  5.40

                  Jul   669.50    up  6.00

                  Nov   660.20    up  4.00