ICE canola correcting higher Friday morning

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger Friday morning, taking back some of Thursday’s losses.

The July and November contracts both tested nearby chart support in overnight activity but managed to turn higher as traders squared positions ahead of the weekend.

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

Relatively favourable weather conditions across the Prairies remained bearish, although recent rains delayed seeding operations in some areas.

About 6,500 canola contracts had traded as of 8:46 CDT.

Prices in Canadian dollars per metric ton at 8:46 CDT:

Canola            Jul   665.00    up  4.80

Nov   687.60    up  4.40

Jan   695.50    up  4.50

Mar   702.60    up  4.60