Glacier FarmMedia — ICE canola futures were stronger Wednesday morning, seeing follow-through buying interest after Tuesday’s correction off nearby lows.
- Oversold price signals on the charts contributed to the gains, with end user bargain hunting also thought to be supportive.
- Improving cash basis levels in the countryside suggest steady commercial buying in the face of reluctant farmer selling, said an analyst.
- Chicago soyoil futures were higher in early activity, providing spillover support. European rapeseed and Malaysian palm oil futures were also stronger, while Chicago soybeans held near unchanged.
- The ongoing lack of export demand from China kept a lid on the upside.
- The Canadian dollar was holding steady in early activity. The Bank of Canada left its key overnight rate unchanged at 2.25 per cent.
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By Glen Hallick, MarketsFarm Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures closed lower on Wednesday, in what a trader…
About 24,400 canola contracts had traded as of 8:49 CST.
Prices in Canadian dollars per metric tonne at 8:49 CST:
Canola Jan 622.20 up 2.30
Mar 633.30 up 1.50
May 645.10 up 1.20
Jul 652.50 up 0.40
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