Glacier FarmMedia — The ICE Futures canola market climbed to its highest levels in six months on Wednesday, as a rally in Chicago soyoil and bullish chart signals provided support.
- The May contract moved above psychological chart resistance at C$680 per tonne, encouraging additional speculative buying as fund traders moved to the long side of the market.
- Soyoil futures in Chicago hit contract highs, contributing to the strength in canola. Follow-through buying interest after Tuesday’s solid United States crush data and optimism over new biofuel blending quotas in the U.S. were supportive.
- European rapeseed was also higher, but Chicago soybeans held steady while the Malaysian palm oil market remained closed for the Lunar New Year holiday.
- The Canadian dollar was down by roughly a third of a cent relative to its United States counterpart, underpinning crush margins and making exports more attractive for international buyers.
- There were 84,047 contracts traded on Wednesday, which compares with Tuesday when 87,301 contracts changed hands. Spreading was a feature, accounting for 54,516 of the contracts traded.
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ICE canola rising with soyoil
Glacier FarmMedia — ICE Futures canola contracts were posting solid gains at midday Wednesday, finding spillover support from a rally…
Settlement prices in Canadian dollars per metric tonne.
Canola Mar 670.20 up 7.70
May 682.70 up 7.90
Jul 693.50 up 8.10
Nov 687.10 up 7.20
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