ICE canola correcting higher at midday Wednesday

Glacier FarmMedia — The ICE Futures canola market was posting small gains at midday Wednesday, seeing a modest correction after dropping sharply earlier in the week.

The most-active November contract was holding just above its 20-day moving average at midsession, with the general uptrend still intact despite the recent losses.

Chicago soyoil and Malaysian palm oil were higher on the day, providing some spillover support. However, soybeans and European rapeseed futures were lower.

A lack of any major weather threats kept a lid on the upside, with expectations for an upward revision to Canadian canola area in Friday’s Statistics Canada acreage report also overhanging the market.

An estimated 38,300 canola contracts traded as of 10:54 CDT.

Prices in Canadian dollars per metric tonne at 10:54 CDT:

Canola            Jul   695.50    up  2.10

Nov   710.50    up  4.30

Jan   718.50    up  3.90

Mar   724.50    up  3.20