Glacier FarmMedia — The ICE Futures canola market settled higher for the first time in over a week, with chart-based positioning a feature as support was uncovered to the downside.
Gains in Chicago soybeans, European rapeseed and Malaysian palm oil all provided spillover support, although soyoil was weaker.
A move back above the 100-day moving average in the November contract was supportive from a technical standpoint.
Tight old crop supplies and solid end user demand also underpinned the market, although recent rains in parts of the Prairies were easing dryness concerns for the new crop.
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ICE canola stronger at midday Thursday
Glacier FarmMedia — The ICE Futures canola market was stronger at midday Thursday, correcting higher after touching its lowest levels…
There were 47,389 contracts traded on Thursday, which compares with Wednesday, when 46,074 contracts changed hands. Spreading accounted for 23,794 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were stronger on Thursday, as the recent price weakness was thought to have uncovered some demand.
The United States Department of Agriculture reported weekly soybean export sales at their highest levels in four weeks, topping trade expectations at roughly a million tonnes of old and new crop business combined.
However, the good Midwestern crop prospects continued to weigh on values, tempering the advances.
CORN was also due for a correction after recent losses.
Weekly U.S. soybean export sales included 170,428 tonnes of old crop business and nearly 3.2 million tonnes of new crop sales — surpassing the top end of trade estimates. The USDA also reported flash sales to Mexico and Bangladesh.
However, the ongoing lack of any major weather concerns kept a lid on the advances.
WHEAT futures recovered off five-year lows, with solid weekly exports contributing to the gains. Weekly U.S. wheat export sales came in at 737,800 tonnes.
However, seasonal harvest pressure and reports of increased movement out of Russia remained bearish.
