ICE canola stronger Wednesday

By Marlo Glass, MarketsFarm
WINNIPEG, July 24 (MarketsFarm) – The ICE Futures canola market was stronger on Wednesday morning, following positive price trends from Tuesday.
A move above the 20-day moving average in the November contract encouraged some speculative short covering, which added to the firmer tone.
Spillover support from higher prices in the soy complex, Malaysian palm oil, and European rapeseed also assisted canola values.
The Canadian dollar remained steady at around 76 U.S. cents as of Wednesday morning, which capped further gains for values.
About 4,000 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola Nov 450.30 up 2.80
Jan 457.40 up 2.80
Mar 464.30 up 2.80
May 471.30 up 4.10

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