By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was holding onto small gains Thursday morning, seeing a modest correction after dropping lower the previous three sessions. Chart-based positioning and end user bargain hunting underpinned the futures.
Gains in Chicago soyoil provided spillover support, with Malaysian palm oil also higher in overnight activity. However, European rapeseed remained pointed lower.
Hot temperatures and only light shower activity across much of Western Canada may stress developing crops. However, cooler temperatures are expected over the next week.
About 12,000 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Canola Nov 621.10 up 3.20
Jan 631.70 up 4.10
Mar 640.00 up 4.20
May 646.70 up 4.10
