ICE canola correcting higher Thursday morning

Glacier FarmMedia — The ICE canola market was mostly higher Thursday morning, taking back some of Wednesday’s losses amid ideas the selloff was overdone.

Gains in European rapeseed and Malaysian palm oil provided some spillover support for the Canadian oilseed, although the Chicago soy complex was weaker.

The advancing canola harvest kept a lid on the upside, with ongoing uncertainty over Chinese demand also overhanging the market.

About 11,500 canola contracts had traded as of 8:44 CDT.

Prices in Canadian dollars per metric tonne at 8:44 CDT:

Canola            Nov   631.30    up  3.20

                  Jan   643.20    up  2.90

                  Mar   654.00    up  2.30

                  May   663.30    up  1.70

To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/