ICE canola stronger Thursday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger Thursday morning, taking back Wednesday’s declines as values chopped around in a sideways trading range.

Solid end user demand and a lack of significant selling pressure on the other side contributed to the move higher.

Gains Chicago soyoil futures provided spillover support, although European rapeseed was mostly lower. Malaysian palm oil was holding at contract highs, with that market closed today for a holiday.

The January contract was running into resistance around C$650 per tonne, with the next upside target at C$660 per tonne. On the other side, support was holding in the C$635 to C$640 per tonne area.

About 14,600 canola contracts had traded as of 8:44 CDT.

Prices in Canadian dollars per metric ton at 8:44 CDT:

Canola            Nov   630.60    up  6.20

Jan   644.40    up  4.20

Mar   654.00    up  5.90

May   660.60    up  7.30