By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market continued to correct off contract lows Friday morning, posting gains for the third session in a row.
The move back above C$600 per tonne in the November contract was supportive from a chart standpoint, encouraging some more speculative short covering as traders adjust positions ahead of the weekend.
Advances in outside markets contributed to the firmer tone in canola, with Chicago soyoil, European rapeseed and Malaysian palm oil all up on the day.
Persistent dryness concerns in parts of Western Canada were supportive, although North American growing conditions remain relatively favourable overall.
About 7,700 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric ton at 8:39 CDT:
Canola Nov 601.20 up 4.20
Jan 609.80 up 4.20
Mar 616.70 up 3.80
May 627.30 up 6.20
