Glacier FarmMedia — ICE Futures canola contracts were mostly stronger but off their session highs at midday Friday.
- The March contract was up by C$12 per tonne in early trade, moving above nearby resistance in the C$630 to C$635 per tonne area. However, the gains were halved by midsession.
- A settlement above C$630 per tonne would be constructive from a chart standpoint, said an analyst. However, the market was also starting to look oversold by some metrics, after rising for the past week.
- Gains in Chicago soybeans and soyoil provided spillover support, with European rapeseed also higher on the day.
- Optimism over Prime Minister Mark Carney’s visit China next week remained a feature, with ideas the trip could lead to an easing of Chinese tariffs on Canadian canola.
- Canada exported 147,800 tonnes of canola during the week ended Jan. 4, which was up from 121,000 tonnes the previous week. Crop-year-to-date exports of 2.8 million tonnes remain well short of the 4.7 million tonnes exported through 22 weeks of the previous marketing year.
Read Also
Global Markets: EU moves forward on Mercosur deal
Glacier FarmMedia — The following is a glance at the news moving markets in Canada and globally. The European Union…
- An estimated 42,900 canola contracts traded as of 10:37 CST.
Prices in Canadian dollars per metric tonne at 10:37 CST:
Canola Mar 630.70 up 4.80
May 639.40 up 3.00
Jul 645.70 up 1.90
Nov 640.30 dn 0.40
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
Stay informed with our daily market videos. Each video quickly covers key futures moves, price trends and market signals that matter to Canadian farmers. Get clear, timely insights in just a few minutes. Bookmark https://www.producer.com/markets-futures-prices/videos
