By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 26 (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning, seeing a continuation of Wednesday’s correction off nearby lows.
Gains in Chicago soybeans and soyoil provided spillover support for the Canadian oilseed, with European rapeseed and Malaysian palm oil also up in overnight activity.
Chart-based positioning was a feature amid ideas canola had been starting to look oversold from a technical standpoint.
Manitoba Agriculture released its final crop report of the season, estimating average canola yields in the province at 42 bushels per acre. If realized, that would be well above the current Statistics Canada estimate for Manitoba canola yields of 38.2 bu./ac., but still below the 43.3 bu./ac. seen in 2022/23.
About 9,500 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Canola Nov 684.10 up 6.00
Jan 698.20 up 4.30
Mar 707.00 up 3.60
May 711.50 up 2.80
