Glacier FarmMedia — ICE canola futures were stronger Monday morning, nearing major chart resistance.
- The move above C$660 per tonne in the March contract last week was supportive from a technical standpoint, with chart-based positioning underpinning values to start the week.
- Gains in Chicago soyoil provided spillover support. However, soybeans were lower while European rapeseed and Malaysian palm oil were mixed.
- The Canadian dollar was sharply stronger relative to its United States counterpart, tempering the gains in canola as the firmer currency cuts into crush margins and makes exports less attractive to international buyers.
- The U.S. Department of Agriculture will release its monthly supply/demand estimates on Tuesday, and pre-report positioning is expected to be a feature in the grains and oilseeds.
Read Also
ICE Canola Midday: Sitting in a good position
By Glen Hallick Glacier FarmMedia – Canola futures on the Intercontinental Exchange remained higher late Monday morning, getting support from…
- About 27,400 canola contracts had traded as of 8:42 CST.
Prices in Canadian dollars per metric tonne at 8:42 CST:
Canola Mar 664.60 up 3.80
May 675.60 up 4.50
Jul 682.70 up 5.30
Nov 673.90 up 5.30
