ICE Canola Continues Higher, Facing Resistance

WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Tuesday, but was running into major resistance as selling came forward at the highs.

Gains in Chicago soybeans and soyoil provided spillover support for canola. European rapeseed and Malaysian palm oil also were higher on the day. Dryness hampering soybean seeding in Brazil accounted for some of the strength in the soy market.

November canola briefly traded above chart resistance at C$600 per tonne before the buying subsided and profit-taking came forward to temper the gains.

Grain workers at the Port of Vancouver went on strike Tuesday morning. A prolonged work stoppage would be "devasting," according to a statement from the Grain Growers of Canada that estimated the strike could cost about C$35 million a day in lost exports.

An estimated 28,700 canola contracts traded as of 11:35 a.m. ET.

Prices in Canadian dollars per metric tonne at 11:35 a.m. ET:

Canola 
    Price  Change 
Nov 599.00 up 11.70 
Jan 611.90 up 11.20 
Mar 623.30 up 10.60 
May 631.60 up 10.50 

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

(END) Dow Jones Newswires

September 24, 2024 12:04 ET (16:04 GMT)

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