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ICE canola climbing higher Monday

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Published: 2 days ago

Glacier FarmMedia — ICE Futures canola contracts were posting solid gains at midday Monday, finding spillover support from strength in the Chicago soy complex.

  • European rapeseed was sharply higher on the day as well, although Malaysian palm oil held closer to unchanged.
  • Bullish chart signals contributed to the gains in canola, with the March contract extending its move above C$600 per tonne after briefly testing that support level on Friday.
  • Canada exported 121,000 tonnes of canola during the week ended Dec. 28, which was up by 26 per cent from the previous week, reported the Canadian Grain Commission. Crop-year-to-date canola exports of 2.66 million tonnes compare with 4.53 million tonnes by the same time the previous year.
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  • Large supplies and a lack of export demand from China continued to overhang the canola market.
  • An estimated 23,500 canola contracts traded as of 10:28 CST.

Prices in Canadian dollars per metric tonne at 10:28 CST:

Canola            Mar   611.70    up  7.80

                  May   622.40    up  8.00

                  Jul   630.50    up  7.30

                  Nov   632.90    up  4.90

Access the latest futures prices at https://www.producer.com/markets-futures-prices/

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