ICE canola continues higher Wednesday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger Wednesday morning, seeing a continuation of Tuesday’s corrective bounce as chart signals remained pointed higher.

Spillover from outside markets contributed to the gains, with Malaysian palm oil hitting fresh contract highs. Chicago soyoil and European rapeseed futures were also up on the day.

The canola harvest has wrapped up across the Prairies, and seasonal harvest pressure is subsiding. Meanwhile, solid end user demand and ideas production may have not lived up to earlier projections were also supportive.

About 15,600 canola contracts had traded as of 8:39 CDT.

Prices in Canadian dollars per metric ton at 8:39 CDT:

Canola            Nov   635.40    up  3.60

Jan   651.80    up  4.60

Mar   658.80    up  4.00

May   662.20    up  3.90