Glacier FarmMedia — ICE Futures canola contracts were stronger at midday Wednesday, seeing a continuation of Tuesday’s gains as nearby chart signals were pointing higher.
Gains in Chicago soybeans and soyoil provided spillover support, although activity in the United States markets was somewhat choppy as traders there were squaring positions and moving to the sidelines ahead of Thanksgiving. U.S. markets will be closed Thursday and only open for reduced hours on Friday.
European rapeseed futures were narrowly mixed, while Malaysian palm oil recovered off five-month lows to show some strength.
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The ICE Futures canola market was stronger on Wednesday, with chart-based positioning and spillover from advances in the Chicago soybeans…
A lack of significant export demand remained a bearish influence tempering the upside in canola, with a firmer tone in the Canadian dollar also pressuring values.
An estimated 22,200 canola contracts traded as of 10:58 CST.
Prices in Canadian dollars per metric tonne at 10:58 CST:
Canola Jan 652.20 up 4.10
Mar 665.00 up 3.70
May 675.10 up 3.30
Jul 680.50 up 3.10
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
