By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger at midday Thursday, underpinned by chart-based positioning and ideas losses earlier in the week were overdone.
Gains in Chicago soyoil provided spillover support, although soybeans were lower. European rapeseed and Malaysian palm oil futures were trading near unchanged, providing little direction.
Concerns over seeding delays across the Prairies after recent rains helped underpin the futures despite ideas that the moisture will be good for production in the long run.
The Canadian dollar was steady at midday.
An estimated 18,800 canola contracts traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Canola Jul 652.80 up 3.50
Nov 673.90 up 4.60
Jan 681.70 up 4.90
Mar 688.60 up 5.20
