By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market continued its week-long rally on Tuesday, with many contracts hitting their highest levels of 2024 so far.
Bullish chart signals remained supportive, as momentum indicators were pointing higher, and speculators continued to cover short positions.
Gains in Chicago soyoil and Malaysian palm oil provided additional spillover support. However, soyoil was off its session highs, while European rapeseed was weaker on the day.
Canadian canola stocks as of March 31, 2024 came in at 8.3 million tonnes, which was up by 17.5 per cent from the same time a year ago but in line with trade expectations.
Rains in Western Canada may cause some seeding delays but will be beneficial for crops in the long run, bringing much needed moisture to dry regions of the Prairies.
An estimated 44,500 canola contracts traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Canola Jul 665.70 up 4.80
Nov 678.90 up 3.50
Jan 684.30 up 2.50
Mar 687.30 up 2.60
