ICE canola continues higher to start week

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm—The ICE Futures canola market was stronger Monday morning, seeing a continuation of last week’s correction off contract lows.

Gains in the Chicago soy complex provided spillover support, with European rapeseed and Malaysian palm oil also higher to start the week.

The November contract was nearing chart resistance around C$600 per tonne, with the next upside target coming in at C$620 per tonne.

Recent rains across much of Western Canada were delaying harvest operations, although forecasts look warmer and drier over the next week.

About 15,900 canola contracts had traded as of 8:45 CDT.

Prices in Canadian dollars per metric ton at 8:45 CDT:

Canola            Nov   598.90    up 10.00

Jan   608.90    up  9.80

Mar   618.50    up  9.00

May   626.40    up  8.50