By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger Friday morning, seeing a continuation of Thursday’s corrective bounce off nearby lows.
The January contract was nearing a technical target at C$680 per tonne, with a move above that level thought to be constructive from a chart standpoint.
Gains in outside markets provided spillover support, with the Chicago soy complex, European rapeseed and Malaysian palm oil all moving higher.
The United States Department of Agriculture releases its monthly supply/demand estimates at 11:00 CST, with any surprises in the data likely to set the tone in the grains and oilseeds ahead of the close.
About 16,800 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Canola Jan 673.60 up 7.00
Mar 681.30 up 6.10
May 688.40 up 5.60
Jul 693.10 up 4.80
