ICE canola rising Friday morning

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was mostly higher Friday morning, with solid gains in the old crop July contract while the new crop months held closer to unchanged.

Tightening supplies and the need to ration demand accounted for some of the buying interest in the front month, with chart-based positioning contributing to the gains as July canola climbed back above C$700 per tonne.

Strength in European rapeseed provided spillover support. Chicago soybeans were also higher, although soyoil and Malaysian palm oil were both lower.

About 17,700 canola contracts had traded as of 8:40 CDT.

Prices in Canadian dollars per metric ton at 8:40 CDT:

Canola            Jul   704.00    up  7.40

Nov   653.20    up  0.70

Jan   660.50    dn  0.10

Mar   669.10    up  1.10