ICE canola continues higher Thursday

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger Thursday morning, seeing some follow-through buying interest after Wednesday’s corrective bounce off nearby lows.

The November contract was trading just above C$600.00 per tonne in early trade, running into some resistance around that psychological resistance point.

Persistent dryness concerns in parts of Western Canada were supportive, although North American growing conditions remain relatively favourable overall.

Gains in European rapeseed and Malaysian palm oil were also underpinning canola. The Chicago soy complex was narrowly mixed.

About 6,200 canola contracts had traded as of 8:38 CDT.

Prices in Canadian dollars per metric ton at 8:38 CDT:

Canola            Nov   600.40    up  5.80

Jan   609.20    up  5.80

Mar   615.90    up  5.40

May   620.20    up  4.30