ICE canola rising Wednesday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger Wednesday morning, taking some direction from Chicago soyoil.

European rapeseed was also up on the day, although Chicago soybeans and Malaysian palm oil were lower.

The March canola contract was trading above both its 20- and 100-day moving averages but ran into resistance around the C$625 per tonne area.

Tightening supply projections and the ongoing need to ration demand going forward remained supportive from a fundamental standpoint, with Canadian canola still looking cheap compared to other oilseeds.

About 13,900 canola contracts had traded as of 8:58 CST.

Prices in Canadian dollars per metric ton at 8:58 CST:

Canola            Mar   624.60    up  2.90

May   630.60    up  3.00

Jul   632.90    up  2.20

Nov   607.90    up  0.20