Glacier FarmMedia — The ICE Futures canola market was stronger at midday Thursday, correcting higher after touching its lowest levels in three months in overnight trade.
Gains in Chicago soybeans, European rapeseed and Malaysian palm oil all provided spillover support, although soyoil was narrowly mixed at midday.
The November canola contract moved back above its 100-day moving average, which was supportive from a technical standpoint. However, the losses earlier in the week did some chart damage and an analyst said the C$670 per tonne level was a key level to watch.
Tight old crop supplies and solid end user demand remained somewhat supportive, although recent rains in parts of the Prairies were easing dryness concerns for the new crop.
An estimated 27,400 canola contracts traded as of 10:24 CDT.
Prices in Canadian dollars per metric tonne at 10:24 CDT:
Canola Nov 682.50 up 4.20
Jan 693.80 up 4.00
Mar 702.40 up 5.20
May 709.20 up 4.80
