ICE canola strengthens Wednesday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger Wednesday morning, trading near three-month highs.

Supportive technical signals and demand rationing underpinned values, as charts remain pointed higher and supplies continue to tighten.

Malaysian palm oil was sharply higher in overnight trade, although that market was starting to run into resistance. Chicago soyoil was weaker and European rapeseed was mixed, tempering the upside in the Canadian oilseed.

Uncertainty over tariff threats from the United States remained a bearish influence in the background.

About 12,700 canola contracts had traded as of 8:43 CST.

Prices in Canadian dollars per metric ton at 8:43 CST:

Canola            Mar   666.70    up  4.80

May   678.20    up  4.80

Jul   682.90    up  4.90

Nov   658.80    up  4.80