ICE canola climbing higher at midday

By Phil Franz-Warkentin

Glacier FarmMedia — The ICE Futures canola market was stronger at midday Wednesday, taking back Tuesday’s losses as gains in outside markets provided support.

Chicago soyoil, European rapeseed and Malaysian palm oil futures were all stronger, with palm oil at fresh contract highs. Weakness in the Canadian dollar, which was down by half a cent relative to its United States counterpart, was also supportive for canola.

Donald Trump was reelected as the next U.S. President and uncertainty over what another Trump presidency will mean for the agricultural markets kept some caution in the futures. Trump has promised to impose tariffs on most imports, with U.S. soybean and corn exports a likely target for retaliation. Soybean futures had dropped sharply lower in overnight trade but were only posting small losses at midsession.

An estimated 39,900 canola contracts traded as of 10:52 CST.

Prices in Canadian dollars per metric tonne at 10:52 CST:

Canola            Jan   647.40    up  15.60

Mar   658.30    up  15.10

May   665.40    up  13.90

Jul   669.20    up  13.00