ICE canola rising to start week

Glacier FarmMedia — ICE canola futures were stronger Monday morning, taking back most of Friday’s losses to start the week.

The January contract was trading just below two-month highs, facing resistance around C$655 per tonne.

Gains in the Chicago soy complex provided spillover support, with talk of increased Chinese purchases of soybeans from the United States behind some of the support there.

Malaysian palm oil was also higher in overnight activity, while European rapeseed was narrowly mixed.

Canadian canola exports continue to lag the year ago pace, with China absent from the market.

About 11,000 canola contracts had traded as of 8:44 CST.

Prices in Canadian dollars per metric tonne at 8:44 CST:

Canola            Jan   652.50    up  5.00

                  Mar   664.00    up  5.40

                  May   672.50    up  5.30

                  Jul   677.90    up  5.90

Access the latest futures prices at https://www.producer.com/markets-futures-prices/