By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger at midday Monday, seeing a continued recovery off the nearby lows hit last week.
Gains in outside markets provided spillover support, with Chicago soyoil and soybeans posting solid gains at midday. European rapeseed and Malaysian palm oil futures were also stronger.
Ideas that canola was looking technically oversold and undervalued compared to other oilseeds added to the firmer tone.
However, canola was still trading below several key moving averages, with more advances needed to signal a decisive turn higher.
Last week’s upward revision to 2023/24 production by Statistics Canada also remained a bearish influence overhanging the market.
An estimated 24,800 canola contracts traded as of 10:43 CST.
Prices in Canadian dollars per metric tonne at 10:43 CST:
Canola Jan 669.50 up 9.50
Mar 675.50 up 8.50
May 683.10 up 8.90
Jul 687.10 up 8.00
