Glacier FarmMedia — ICE Futures canola contracts were higher at midday Wednesday, continuing the uptrend of the past week.
- Canadian Prime Minister Mark Carney will visit China Jan. 13-17, his office said Wednesday. Trade is expected to be a major topic of discussion. Stiff Chinese tariffs have limited Canadian canola exports during the current marketing year, with optimism over possible movement on that front providing some support.
- Gains in Chicago soybeans provided additional spillover support, although soyoil held near unchanged and European rapeseed was mixed.
- The March canola contract was trading above its 20-day moving average, encouraging speculative short-covering.
- However, resistance was holding at C$620 per tonne.
- Large supplies and expectations for burdensome carryout supplies also tempered the upside.
- An estimated 18,500 canola contracts traded as of 10:21 CST.
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Prices in Canadian dollars per metric tonne at 10:21 CST:
Canola Mar 619.00 up 5.10
May 629.10 up 5.20
Jul 636.40 up 4.80
Nov 634.70 up 5.10
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