ICE canola narrowly mixed in quiet trade

Glacier FarmMedia — The ICE Futures canola market was narrowly mixed Thursday morning, as values continued to consolidate just below nearby highs in quiet trade.

Markets in the United States were closed for the Juneteenth holiday, keeping many traders on the sidelines. Malaysian palm oil was steady on the day, while European rapeseed was higher.

Chart-based positioning was a feature, with little fresh fundamental news to provide direction.

Tight old crop supplies and weather uncertainty for the new crop remained supportive underneath the market.

About 8,800 canola contracts had traded as of 8:52 CDT.

Prices in Canadian dollars per metric ton at 8:52 CDT:

Canola            Jul   738.00    dn  0.50

Nov   736.80    up  0.40

Jan   745.40    up  0.10

Mar   751.80    up  0.20