By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was posting small gains at midday Wednesday, finding spillover support from advances in outside markets.
Malaysian palm oil climbed to its highest levels in six months in overnight activity, while Chicago soyoil was up roughly half a cent per pound at midsession.
Talk that China was in the market booking some cargoes of Canadian canola was also supportive, according to an analyst, although any confirmation was lacking.
Chart-based speculative positioning contributed to the gains in canola, as the May contract held above its 20-day moving average. However, an attempt at moving psychological resistance at C$600 per tonne was short-lived, with selling coming forward above that level.
Statistics Canada releases planted acreage estimates on Monday, March 11, with average trade guesses expecting intentions to come in below the 22.1 million acres seeded in in 2023.
An estimated 23,600 canola contracts traded as of 10:48 CST.
Prices in Canadian dollars per metric tonne at 10:48 CST:
Canola May 596.30 up 1.00
Jul 603.90 up 0.40
Nov 611.00 up 0.30
Jan 617.70 up 1.10
