By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger at midday Monday, finding support just above contract lows.
Gains in Chicago soybeans accounted for some of the spillover buying interest in canola, with end-user bargain hunting and ideas recent losses were overdone contributing to the gains.
However, losses in Chicago soyoil and increased farmer selling on any attempts at moving higher tempered the advances. Speculators are also still holding a large net short position in canola, with the managed money net short rising to a record 138,921 contracts as of Feb. 5, 2024.
Many markets in Asia, including Malaysian palm oil, were closed Monday for the Lunar New Year.
An estimated 37,200 canola contracts traded as of 10:45 CST.
Prices in Canadian dollars per metric tonne at 10:45 CST:
Canola Mar 594.60 up 6.20
May 601.90 up 5.00
Jul 606.90 up 4.30
Nov 606.70 up 4.60
