Glacier FarmMedia — ICE Futures canola contracts remained pointed higher at midday Thursday, touching their highest levels in nearly four weeks.
- Optimism over Prime Minister Mark Carney’s visit China next week remained supportive, with ideas the trip could lead to an easing of Chinese tariffs on Canadian canola.
- Speculative short-covering and bullish chart signals contributed to the gains, although an analyst noted that the March contract was nearing resistance at C$630 per tonne.
- Losses in Chicago soybeans and soyoil put some spillover pressure on values.
- Malaysian palm oil was also weaker, although European rapeseed was higher.
- Large supplies and expectations for burdensome carryout stocks also tempered the upside.
- An estimated 26,000 canola contracts traded as of 10:31 CST.
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Prices in Canadian dollars per metric tonne at 10:31 CST:
Canola Mar 623.60 up 3.60
May 633.90 up 3.90
Jul 640.90 up 3.80
Nov 638.50 up 4.10
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