By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger at midday Friday, finding some support to end the week after hitting contract lows on Thursday.
Canola futures were looking oversold from a chart standpoint, with prices possibly at a point to encourage some fresh exporter buying interest.
Gains in Chicago soybeans and European rapeseed futures were also supportive, although soyoil and Malaysian palm oil were both softer on the day.
Increased farmer selling on any moves higher also tempered the gains, as producers are still thought to be sitting on large amounts of unpriced canola.
The canola market will be closed Monday for Manitoba’s Louis Riel Day, with much of the rest of the country also celebrating provincial holidays. Markets in the United States will be closed for Presidents Day.
An estimated 29,000 canola contracts traded as of 10:53 CST.
Prices in Canadian dollars per metric tonne at 10:53 CST:
Canola Mar 576.50 up 9.50
May 586.80 up 9.80
Jul 596.90 up 10.10
Nov 603.90 up 11.20
