ICE Midday: Canola extends rally

Glacier FarmMedia MarketsFarm – The ICE Futures canola market maintained its momentum from Tuesday, rising to calendar-year highs on Wednesday.

Canola was supported by Chicago soyoil and European rapeseed. However, Malaysian palm oil was down and so was crude oil after reports suggested a growth in United States stockpiles.

The Canadian dollar was down one-tenth of a U.S. cent compared to Tuesday’s close.

One analyst said the July canola contract is trying to get above C$670 per tonne, while the November contract will try for C$700. However, another warned that selling should intensify over the next two to three weeks.

About 23,100 contracts have traded at 10:19 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Jul 671.00     up  5.80

Nov 691.60     up  6.00

Jan 699.20     up  5.50

Mar 705.60     up  4.60