ICE canola correcting higher Monday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger Monday morning, seeing a modest correction off nearby lows to start the week.

Ideas that the canola market was looking oversold after last week’s sharp declines contributed to the gains, with advances in Chicago soyoil providing spillover support. European rapeseed and Malaysian palm oil were narrowly mixed.

End-user bargain hunting and a lack of significant farmer selling pressure contributed to the gains. However, the January contract ran into resistance at C$600 per tonne.

About 10,200 canola contracts had traded as of 8:41 CST.

Prices in Canadian dollars per metric ton at 8:41 CST:

Canola            Jan   599.60    up  7.40

Mar   612.60    up  7.10

May   620.40    up  5.90

Jul   622.50    up  4.40