Glacier FarmMedia — ICE Futures canola contracts were posting solid gains at midday Wednesday, finding spillover support from a rally in Chicago soyoil.
- Soyoil remained supported by crush data released Tuesday that showed oilseed processors in the United States crushed 221.564 million bushels of soybeans in January — a new record for the month. The soyoil market was also showing some optimism ahead of new biofuel blending quotas for the U.S. that are expected to be submitted to the White House by the Environmental Protection Agency sometime this week.
- European rapeseed was also higher, while the Malaysian palm oil market remained closed for the Lunar New Year holiday.
- The Canadian oilseed was lacking any fresh fundamental news of its own, tempering the upside despite the gains in soyoil.
- The May contract traded above psychological resistance at C$680 per tonne in overnight trade but was back below that level at midsession as sellers were coming forward at the highs.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange were rising on Wednesday morning, supported by higher crude and vegetable…
- An estimated 48,500 canola contracts traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Canola Mar 666.80 up 4.30
May 679.00 up 4.20
Jul 689.50 up 4.10
Nov 683.90 up 4.00
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