Glacier FarmMedia — The ICE Futures canola market was narrowly mixed at midday Wednesday, seeing some consolidation after the large price swings of recent sessions.
Gains in Chicago soybeans and soyoil provided spillover support. European rapeseed and Malaysian palm oil futures were holding relatively steady.
The January canola contract touched its 50-day moving average to the downside but remained above that chart point heading into the final hours of trade.
The federal budget released Tuesday included a new biofuel initiative and a push to diversify trade — both of which would increase the potential demand for canola.
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However, the ongoing lack of significant movement on trade talks with China continued to overhang the market.
An estimated 18,200 canola contracts traded as of 10:50 CST.
Prices in Canadian dollars per metric tonne at 10:50 CST:
Canola Jan 641.10 up 1.00
Mar 651.50 up 0.10
May 661.20 dn 0.10
Jul 667.90 dn 0.20
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
