By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was mixed Monday morning, with gains in the front months and losses in the new crop contracts.
Chart-based positioning was a feature, as speculators continued to cover their large short positions.
Recent talk of increased export buying interest was also supportive, although the export pace continues to lag the year ago pace.
European rapeseed and Malaysian palm oil futures were both stronger in overnight activity. However, Chicago soyoil was pointing lower and the losses there weighed on canola.
Scale-up farmer selling on the move higher also tempered the gains.
About 12,300 canola contracts had traded as of 8:49 CDT.
Prices in Canadian dollars per metric ton at 8:49 CDT:
Canola May 631.60 up 1.00
Jul 640.60 up 0.50
Nov 647.00 dn 0.40
Jan 654.30 dn 0.40
