ICE canola retreats at midday Thursday

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker at midday Thursday, retreating from early gains after running into chart resistance.

Confirmation of tightening supplies provided early support. Canadian canola stocks in all positions as of March 31 came in at 5.9 million tonnes, reported Statistics Canada. That was down 38.7 per cent from the same point a year ago and well below the five-year average of 8.3 million tonnes.

Gains in Chicago soyoil lent additional support, with European rapeseed and Malaysian palm oil also up on the day.

An estimated 27,700 canola contracts traded as of 10:29 CDT.

Prices in Canadian dollars per metric tonne at 10:29 CDT:

Canola

Jul   698.20    dn  3.10

Nov   657.80    dn  5.20

Jan   664.80    dn  6.50

Mar   672.00    dn  6.40