ICE canola correction continues at midday Thursday

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger at midday Thursday, seeing some follow-through buying interest after Wednesday’s corrective bounce off contract lows.

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

Production uncertainty in parts of Western Canada also underpinned the market, although rising yield prospects for the United States soybean crop kept a lid on the upside.

Most technical indicators also remain pointed lower, making any gains a selling opportunity from a chart standpoint.

An estimated 16,400 canola contracts traded as of 10:27 CDT.

Prices in Canadian dollars per metric tonne at 10:27 CDT:

Canola            Nov   584.60    up  6.30

Jan   595.20    up  6.60

Mar   603.40    up  6.50

May   608.60    up  6.50