ICE canola mostly higher ahead of USDA report

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, July 10 (MarketsFarm) – The ICE Futures canola market was mostly stronger at midday Friday, hitting fresh three-month highs in the November contract as bullish technical signals underpinned the market and speculators continued to cover short positions.

The November contract closed above the 200-day moving average on Thursday, and remained pointed higher on Friday.

A firmer tone in Chicago Board of Trade soyoil was also supportive, although soybeans were posting small losses.

The United States Department of Agriculture releases its monthly supply/demand report at 11:00 CDT, and any surprises in the data will likely swing the markets in final trading hours ahead of the weekend.

About 12,000 canola contracts traded as of 10:28 CDT.

Prices in Canadian dollars per metric tonne at 10:28 CDT:

Price Change
Canola Nov 482.80 up 1.40
Jan 489.10 up 0.60
Mar 494.20 up 0.10
May 497.60 dn 0.40

Futures Prices as of July 10, 2020

Price Change
Milling Wheat
1970-01-01 00:00
Price Change
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton


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