ICE canola up at midday Wednesday

Glacier FarmMedia — ICE Futures canola contracts were stronger at midday Wednesday, seeing a continuation of Tuesday’s gains as nearby chart signals were pointing higher.

Gains in Chicago soybeans and soyoil provided spillover support, although activity in the United States markets was somewhat choppy as traders there were squaring positions and moving to the sidelines ahead of Thanksgiving. U.S. markets will be closed Thursday and only open for reduced hours on Friday.

European rapeseed futures were narrowly mixed, while Malaysian palm oil recovered off five-month lows to show some strength.

A lack of significant export demand remained a bearish influence tempering the upside in canola, with a firmer tone in the Canadian dollar also pressuring values.

An estimated 22,200 canola contracts traded as of 10:58 CST.

Prices in Canadian dollars per metric tonne at 10:58 CST:

Canola            Jan   652.20    up  4.10

                  Mar   665.00    up  3.70

                  May   675.10    up  3.30

                  Jul   680.50    up  3.10

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