ICE Canola Slightly Higher, Support From Outside Markets

WINNIPEG, Manitoba--The ICE Futures canola market was posting small gains, finding spillover support from advances in outside markets.

Malaysian palm oil climbed to its highest levels in six months in overnight activity, while Chicago soyoil was up roughly half a cent per pound on Wednesday.

Talk that China was in the market booking Canadian canola was also supportive, according to an analyst, although any confirmation was lacking.

Chart-based speculative positioning contributed to the gains in canola, as the May contract held above its 20-day moving average.

However, an attempt at moving psychological resistance at C$600 per metric ton was short-lived, with selling above that level.

Statistics Canada is scheduled to release planted acreage estimates on Monday. The average trade estimates expect intentions to come in below the 22.1 million acres seeded in 2023.

An estimated 23,600 canola contracts traded as of 11:48 a.m. EST.

Prices in Canadian dollars per metric ton:

 
   Contracts  Price   Change 
   May        596.30  up 1.00 
   Jul        603.90  up 0.40 
   Nov        611.00  up 0.30 
   Jan        617.70  up 1.10 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

03-06-24 1227ET