ICE canola turning higher Wednesday morning

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, Feb. 9 (MarketsFarm) – The ICE Futures canola market was mostly higher Wednesday morning, recovering from overnight losses as gains in Chicago Board of Trade soyoil provided some underlying support. Only the lightly traded new crop months were still weaker as the North American day session got underway.
Canola remains stuck in a sideways trading range from a chart perspective, holding just below nearby highs.
The United States Department of Agriculture releases updated supply/demand data later in the day, with any surprises likely to dictate the direction in the grain and oilseed markets. Attention will be on South American soybean production estimates.

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Canada’s tight supply situation remained a supportive influence, after Statistics Canada reported on Tuesday that canola stocks as of Dec. 31 came in at only 7.6 million tonnes. That was in line with pre-report expectations, but well off the 13.3 million tonnes on hand at the same time a year ago.
About 5,600 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric ton at 8:45 CST:

Price Change
Canola Mar 1,024.70 up 1.90
May 1,009.80 up 2.70
Jul 982.00 up 1.30
Nov 840.20 dn 1.00