ICE Canola Continues to Trade Higher

WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Monday, seeing some follow-through buying after Friday's rally.

Bullish technical signals contributed to the gains, with the new crop November contract moving above its 200-day moving average and the nearby July contract nearing resistance at C$670 per metric ton.

Gains in the Chicago soy complex accounted for some spillover buying interest in canola, with European rapeseed and Malaysian palm oil also posting gains.

However, recent rains across Western Canada helped improve moisture conditions in many areas, tempering the upside in canola.

An estimated 30,400 canola contracts traded as of 11:53 a.m. EDT.

Prices in Canadian dollars per metric tonne at 11:53 a.m. EDT:

 
                        Price       Change 
Canola            Jul   667.90    up  4.30 
                  Nov   687.50    up  5.90 
                  Jan   693.40    up  5.70 
                  Mar   697.80    up  6.10 
 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

05-13-24 1229ET