Glacier FarmMedia — The ICE Futures canola market was holding onto small gains at midday Wednesday, correcting off the two-month lows hit Tuesday.
Gains in Chicago soyoil provided spillover support, with chart-based positioning behind much of the activity. Crude oil was also higher, although European rapeseed was down on the day and Malaysian palm oil held near unchanged.
Tight old crop supplies and solid end user demand underpinned the canola futures, although an analyst cautioned that recent losses had done some damage from a technical standpoint.
Rains in the eastern Prairies were easing dryness concerns, with more moisture in the forecast for many agricultural areas over the next week.
An estimated 28,300 canola contracts traded as of 10:23 CDT.
Prices in Canadian dollars per metric tonne at 10:23 CDT:
Canola Nov 682.50 up 3.50
Jan 693.80 up 3.90
Mar 702.40 up 4.40
May 709.20 up 3.90
