By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was posting small gains Tuesday morning, seeing a continuation of Monday’s correction off contract lows.
The nearby March contract moved back above the psychological C$600 per tonne level, which was supportive from a chart standpoint.
Gains in Chicago soyoil accounted for some of the spillover buying interest in canola, with European rapeseed and Malaysian palm oil also higher.
Statistics Canada is set to release its stocks as of Dec. 31 report on Thursday. Traders expect the data will confirm large supplies of canola still sitting on farm, which would pressure values.
About 9,900 canola contracts had traded as of 8:49 CST.
Prices in Canadian dollars per metric ton at 8:49 CST:
Canola Mar 602.70 up 4.40
May 608.30 up 4.10
Jul 612.80 up 4.10
Nov 613.00 up 4.20
