By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger Tuesday morning, seeing a continuation of Monday’s corrective bounce off contract lows.
The most active May contract was trading above its 20-day moving average for the first time in over a month, which was supportive from a chart standpoint.
Gains in outside markets also provided spillover support, with Chicago soyoil, Malaysian palm oil and European rapeseed futures all higher on the day.
However, farmer selling on the move higher kept the gains in check, as producers are still thought to be holding large amounts of unpriced canola.
About 20,800 canola contracts had traded as of 8:52 CST.
Prices in Canadian dollars per metric ton at 8:52 CST:
Canola Mar 591.40 up 10.30
May 597.50 up 9.20
Jul 603.90 up 8.70
Nov 609.90 up 8.30
