Glacier FarmMedia — The ICE Futures canola market was holding onto small gains in most months at midday Wednesday, taking some direction from the Chicago soy complex.
Crude oil, European rapeseed and Malaysian palm oil were also higher on the day, providing spillover support for the Canadian oilseed.
While optimism over possible movement on trade talks with China remained somewhat supportive, analysts questioned whether the Canadian government would remove its tariffs on Chinese electric vehicles given the auto sector’s importance to vote-rich southern Ontario.
November canola moved above its 20-day moving average, which was supportive from a technical standpoint. However, the contract has failed at every attempt to hold above that level over the past three months.
An estimated 39,300 canola contracts traded as of 10:39 CDT.
Prices in Canadian dollars per metric tonne at 10:39 CDT:
Canola Nov 617.30 up 1.70
Jan 631.00 up 0.90
Mar 641.60 up 0.50
May 651.00 dn 0.10
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
