By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger at midday Wednesday, underpinned by chart-based positioning.
Ideas that Tuesday’s losses were overdone had speculators back on the buy side of the market, with a firmer tone in Chicago soybeans and soyoil also providing some spillover support.
European rapeseed and Malaysian palm oil futures held near unchanged, providing little direction.
Widespread rains across the Prairies may delay seeding operations but were seen as beneficial for crops in the long run, with the improving moisture conditions tempering the upside.
An estimated 18,000 canola contracts traded as of 10:39 CDT.
Prices in Canadian dollars per metric tonne at 10:39 CDT:
Canola Jul 657.80 up 2.50
Nov 677.00 up 3.20
Jan 684.80 up 3.60
Mar 691.50 up 4.50
