Glacier FarmMedia — The ICE canola market was posting solid gains Tuesday morning, finding spillover support from advances in Chicago soyoil.
Optimism over looming trade talks between China and the United States accounted for some of the strength in the soy complex. However, Canadian canola continues to face stiff Chinese tariffs.
November canola moved back above its 20-day moving average, which was supportive from a chart standpoint.
Statistics Canada will release updated production estimates on Wednesday, with pre-report positioning a feature.
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About 17,300 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric tonne at 8:45 CDT:
Canola Nov 642.00 up 9.70
Jan 654.10 up 9.30
Mar 664.90 up 8.90
May 674.60 up 8.90
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
