ICE canola rising at midday Tuesday

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was higher at midday Tuesday, with the largest gains in the new crop months.

Advances in Chicago soyoil provided spillover support, with European rapeseed and Malaysian palm oil also up on the day. Soybeans were weaker at midday, but they were off their session lows.

Tight supplies and the need to ration demand remained supportive for canola. The technical charts also remain pointed higher, although the July contract was facing stiff resistance around C$720 per tonne.

The Canadian dollar was trading at a one-month low relative to its U.S. counterpart, contributing to the strength in canola.

An estimated 34,500 canola contracts traded as of 10:52 CDT.

Prices in Canadian dollars per metric tonne at 10:52 CDT:

Canola            Jul   715.50    up  4.90

Nov   682.70    up  5.90

Jan   690.00    up  6.00

Mar   696.60    up  6.10