By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was posting solid gains Monday morning, as bullish technical signals provided support.
The July contract moved above the psychological C$650 per tonne level, which brought in additional chart-based speculative buying, according to participants.
Gains in outside markets added to the firmer tone in the Canadian oilseed, with Chicago soyoil, European rapeseed and Malaysian palm oil futures all higher on the day.
Rains in the forecast for Western Canada may cause some seeding delays but will be beneficial for crops in the long run, bringing much needed moisture to dry regions of the Prairies.
An estimated 43,500 canola contracts traded as of 10:42 CDT.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Canola Jul 656.00 up 9.00
Nov 670.10 up 9.30
Jan 676.50 up 8.10
Mar 678.90 up 5.70