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ICE Canola Continues Higher to Start Week

Provided by Dow Jones

Sep 23, 2024 2:18pm

WINNIPEG, Manitoba--ICE Futures canola market was stronger Monday morning, seeing a continuation of last week's correction off contract lows.

Gains in the Chicago soy complex provided spillover support, with European rapeseed and Malaysian palm oil also higher to start the week.

The November contract was nearing chart resistance around C$600 per tonne, with the next upside target coming in at C$620 per tonne.

Recent rains across much of Western Canada were delaying harvest operations, although forecasts look warmer and drier over the next week.

About 15,900 canola contracts had traded as of 9:45 EDT.

Prices in Canadian dollars per metric ton at 9:45 EDT:

 
 Canola 
      Price     Change 
Nov   598.90    up 10.00 
Jan   608.90    up 9.80 
Mar   618.50    up 9.00 
May   626.40    up 8.50

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

September 23, 2024 10:18 ET (14:18 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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