ICE canola climbing higher at midday

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was posting solid gains at midday Friday, moving back above some key chart levels.

The nearby July contract was trading comfortably above C$700 per tonne at midday, after having tried and failed to hold above that level on several occasions throughout the week.

Advances in crude oil were lending support to world vegetable oil markets, with strength in Chicago soyoil adding to the firmer tone in canola.

Optimism over improving trade relations between Canada and China, after a call between Canadian Prime Minister Mark Carney and Chinese Premier Li Qiang, was also supportive.

An estimated 32,400 canola contracts traded as of 11:03 CDT.

Prices in Canadian dollars per metric tonne at 11:03 CDT:

Canola            Jul   710.00    up 11.10

Nov   690.10    up  8.90

Jan   697.80    up  9.20

Mar   704.00    up  8.90