Glacier FarmMedia — ICE canola futures were firm Thursday morning, finding spillover support from advances in outside markets.
- The Chicago soy complex was boosted by optimism over improving trade relations between China and the United States. However, large Brazilian crop prospects tempered the upside in beans.
- European rapeseed futures were also higher, while Malaysian palm oil remained stuck in a steady downtrend.
- The Chinese commerce ministry said Thursday that it would make a “fair and final ruling” on Canadian canola, while extending its anti-dumping investigation to March 9 due to the complexity of the case.
- The March canola contract was nearing chart resistance at its 200-day moving average near C$667 per tonne.
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ICE Canola Midday: China news spurs increases
By Glen Hallick Glacier FarmMedia – Canola futures on the Intercontinental Exchange were higher on Thursday morning, following news on…
- About 27,300 canola contracts had traded as of 8:45 CST, with intermonth spreading a feature of the activity as participants roll their positions out of the front month contract.
Prices in Canadian dollars per metric tonne at 8:44 CST:
Canola Mar 666.60 up 3.90
May 678.10 up 4.00
Jul 686.90 up 4.00
Nov 678.50 up 3.60
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