ICE canola holding onto gains at midday Wednesday

Glacier FarmMedia — The ICE Futures canola market was holding onto small gains at midday Wednesday, consolidating in a narrow range just above the five-month lows hit last week.

While tight old crop supplies remained supportive, the new crop harvest is progressing rapidly amid relatively favourable weather conditions.

Losses in Chicago soybeans put some pressure on values, while soyoil held near unchanged. European rapeseed was slightly firmer on the day, and Malaysian palm oil was weaker.

An estimated 24,500 canola contracts traded as of 10:48 CDT.

Prices in Canadian dollars per metric tonne at 10:48 CDT:

Canola            Nov   622.30    up  2.60

                  Jan   634.70    up  2.70

                  Mar   646.50    up  2.80

                  May   657.20    up  2.80

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