By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger at midday Thursday, seeing a continuation of Thursday’s corrective bounce off nearby lows.
Chart-based speculative positioning was a feature, with the July contract moving back above some major moving averages.
Gains in Chicago soybeans and European rapeseed futures provided spillover support. However, soyoil and Malaysian palm oil held closer to unchanged.
Canada exported 672,000 tonnes of canola in March, according to monthly export data, with China the largest destination at 507,300 tonnes. Total canola exports through the 2023/24 marketing year-to-date came in at 4.071 million tonnes, which was well behind the 6.039 million tonnes moved by the same time the previous year.
An estimated 21,300 canola contracts traded as of 10:39 CDT.
Prices in Canadian dollars per metric tonne at 10:39 CDT:
Canola Jul 632.00 up 6.30
Nov 647.90 up 5.30
Jan 656.60 up 5.10
Mar 663.10 up 6.30
