ICE canola climbing higher into the weekend

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — ICE Futures canola contracts continued their uptrend of the past week on Friday, posting solid gains at midsession.

Supportive chart signals, as values climbed above nearby technical resistance, contributed the gains. End user bargain hunting was also thought be underpinning the market, as canola remains attractively priced on the global market.

Chicago soyoil was higher on the day, although soybeans were lower, and canola outpaced the soy market to the upside. European rapeseed and Malaysian palm oil futures were also stronger.

However, the recently imposed Chinese tariffs on canola oil and meal, along with uncertainty over looming tariffs from the United States remained a bearish influence in the background.

An estimated 22,900 canola contracts traded as of 10:46 CDT.

Prices in Canadian dollars per metric tonne at 10:46 CDT:

Canola            May   606.30    up  6.90

Jul   612.40    up  7.00

Nov   607.10    up  6.40

Jan   614.60    up  5.80