Glacier FarmMedia — The ICE Futures canola market was stronger at midday Tuesday, taking back Monday’s losses.
Gains in Chicago soyoil provided some spillover support, although an analyst said there was no real fundamental reason behind the strength. European rapeseed held near unchanged while Malaysian palm oil was slightly firmer.
The November contract was trading back above several key chart points, including the 20- and 50-day moving averages.
Canadian oilseed processors crushed 856,096 tonnes of canola in June, which was up 10 per cent from the same month a year ago. The crop-year-to-date total through 11 months came in at 10.444 million tonnes, which compares with 10.028 million tonnes at the same time a year ago.
An estimated 23,500 canola contracts traded as of 10:14 CDT.
Prices in Canadian dollars per metric tonne at 10:14 CDT:
Canola Nov 705.50 up 9.60
Jan 714.90 up 9.10
Mar 720.80 up 8.20
May 725.10 up 7.70
