ICE canola posting gains in choppy trade

Glacier FarmMedia— The ICE Futures canola market was holding onto small gains Wednesday morning, although activity was choppy.

Chicago soyoil was trading to both sides of unchanged in early trade, while soybeans and European rapeseed futures were higher. Malaysian palm oil held near unchanged.

Chart-based positioning was a feature. While trendlines remain pointed higher, canola was looking overbought by some technical indicators.

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

About 27,500 canola contracts had traded as of 9:13 CDT.

Prices in Canadian dollars per metric ton at 9:13 CDT:

Canola            Jul   745.00    up  0.50

Nov   741.30    up  1.50

Jan   751.00    up  2.30

Mar   756.50    up  1.80