By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger at midday Monday, seeing some follow-through buying after Friday’s rally.
Bullish technical signals contributed to the gains, with the new crop November contract moving above its 200-day moving average and the nearby July contract nearing resistance at C$670 per tonne.
Gains in the Chicago soy complex accounted for some spillover buying interest in canola, with European rapeseed and Malaysian palm oil also posting gains.
However, recent rains across Western Canada helped improve moisture conditions in many areas, tempering the upside in canola.
An estimated 30,400 canola contracts traded as of 10:53 CDT.
Prices in Canadian dollars per metric tonne at 10:53 CDT:
Canola Jul 667.90 up 4.30
Nov 687.50 up 5.90
Jan 693.40 up 5.70
Mar 697.80 up 6.10
