Glacier FarmMedia — ICE Futures canola contracts were holding onto small gains at midday Tuesday, but well off their session highs.
- Gains in the Chicago soy complex provided spillover support for the Canadian oilseed. Malaysian palm oil was also higher in overnight trade, while European rapeseed traded narrowly mixed.
- Chinese importers have bought up to 10 cargoes Canadian canola, or about 650,000 tonnes, since a deal to lower tariffs was reached earlier this month, according to reports.
- The March contract ran into resistance around C$650 per tonne, with values thought to be consolidating after trending higher for most of January.
- Strength in the Canadian dollar, which was up more than half a cent relative to its United States counterpart, kept a lid on the upside for canola. The stronger currency cuts into crush margins and makes exports less attractive for international buyers.
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ICE canola returns to rally
Glacier FarmMedia – Canola futures on the Intercontinental Exchange found their way back to positive territory on Tuesday morning after…
- An estimated 29,000 canola contracts traded as of 10:43 CST.
Prices in Canadian dollars per metric tonne at 10:43 CST:
Canola Mar 647.70 up 0.60
May 657.60 up 0.40
Jul 663.10 up 0.50
Nov 655.70 up 0.30
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