ICE canola uptrend continues to start another week

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger at midday Monday, continuing its uptrend of the past few weeks.

The November contract was trading above its 200-day moving average at midsession, with the supportive chart signal thought to be bringing in additional speculative short-covering.

Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher on the day. However, losses in soybeans tempered the upside in the vegetable oil markets.

Relatively favourable Prairie weather conditions across Western Canada should allow farmers to make some good progress bringing in the last of the canola harvest over the next week.

An estimated 29,300 canola contracts traded as of 10:45 CDT.

Prices in Canadian dollars per metric tonne at 10:45 CDT:

Canola            Nov   631.10    up  6.20

Jan   642.30    up  5.30

Mar   652.40    up  4.60

May   659.20    up  4.70