ICE canola at three-month highs Tuesday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was holding onto small gains Tuesday morning, as activity resumed after the long weekend.

A firm tone in the Chicago soy complex provided underlying support, with European rapeseed and Malaysian palm oil also stronger.

Chart-signals remain pointed higher, with canola futures touching fresh three-month highs in early trade. Tightening supply projections and the need to ration demand also underpinned the market.

However, uncertainty over tariff threats from the United States continued to put some pressure on values.

About 16,200 canola contracts had traded as of 8:40 CST.

Prices in Canadian dollars per metric ton at 8:40 CST:

Canola            Mar   666.00    up  2.50

May   677.10    up  2.60

Jul   682.10    up  2.70

Nov   657.70    up  4.00