ICE Canola Builds on Early Gains

WINNIPEG, Manitoba--The ICE Futures canola market posted solid gains midday Monday, as bullish technical signals provided support.

The July contract moved above the psychological level of 650 Canadian dollars ($474.89) per metric ton, which brought in additional chart-based speculative buying, according to participants.

Gains in outside markets added to the firmer tone in the Canadian oilseed, with Chicago soyoil, European rapeseed and Malaysian palm oil futures all higher on the day.

Rains in the forecast for Western Canada may cause some seeding delays but will be beneficial for crops in the long run, bringing much needed moisture to dry regions of the Prairies.

An estimated 43,500 canola contracts traded as of 11:42 a.m. EDT.

Prices in Canadian dollars per metric ton at 11:42 a.m. EDT:

Canola 
       Price    Change 
Jul    656.00   up 9.00 
Nov    670.10   up 9.30 
Jan    676.50   up 8.10 
Mar    678.90   up 5.70 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

05-06-24 1212ET