Glacier FarmMedia — The ICE Futures canola market was stronger on Wednesday, but off its session highs at the close as profit-taking came forward to weigh on values.
- The May contract hit a high of C$742.50 per tonne, settling about nine dollars below that at C$733.30 per tonne.
- The escalating conflict in the Middle East underpinned crude oil, with rising oil prices leading to increased demand for vegetable oils.
- Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher. Optimism over upcoming trade talks between the United States and China contributed to the strength in soyoil.
- Bullish chart signals were also supportive, although profit-taking and farmer selling at the highs put some pressure on values.
- There were 88,110 contracts traded on Wednesday, which compares with Tuesday when 93,643 contracts changed hands. Spreading accounted for 56,912 of the contracts traded.
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