Glacier FarmMedia — The ICE Futures canola market was stronger at midday Thursday, nearing its highest levels of the past month as gains in Chicago soyoil and soybeans provided spillover support. European rapeseed and Malaysian palm oil were also higher on the day.
The canola harvest is nearly finished across the Prairies, and the resulting slowdown in farmer selling contributed to the gains.
Chart-based positioning was also supportive, although an analyst said the November contract was facing resistance at C$625 per tonne.
An estimated 47,200 canola contracts traded as of 10:38 CDT.
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Prices in Canadian dollars per metric tonne at 10:38 CDT:
Canola Nov 623.10 up 2.70
Jan 636.90 up 2.60
Mar 647.10 up 2.30
May 656.00 up 2.00
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
