ICE Review: Canola Climbs Above Resistance

WINNIPEG, Manitoba--The ICE Futures canola market was stronger as chart-based positioning provided support.

A move back above 600 Canadian dollars per metric ton in the November contract was bullish from a technical standpoint on Tuesday. Gains in Chicago soybeans and soyoil provided spillover support. European rapeseed and Malaysian palm oil were also higher.

Grain workers at the Port of Vancouver went on strike, keeping some caution in the market as a prolonged work stoppage would hurt export movement.

Strength in the Canadian dollar also tempered the gains.

An estimated 51,891 contracts traded on Tuesday, which compares with Monday when 59,646 contracts traded.

Spreading accounted for 23,348 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Contracts Price Change

   Nov        603.60 up 16.30 
   Jan        616.10 up 15.40 
   Mar        627.80 up 15.10 
   May        636.00 up 14.90 
 

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
   Contracts  Prices                     Volume 
   Nov/Jan    12.20 under to 13.40 under 6,144 
   Nov/Mar    23.80 under to 25.00 under   104 
   Nov/May    32.10 under to 32.80 under    17 
   Nov/Jul    39.40 under to 39.60 under     1 
   Nov/Nov    35.90 under to 36.70 under    10 
   Jan/Mar    11.10 under to 12.00 under 3,104 
   Jan/May    19.20 under to 19.90 under     9 
   Jan/Jul    26.00 under to 26.90 under   260 
   Mar/May     7.60 under to 8.50 under    916 
   May/Jul     6.60 under to 7.40 under    647 
   Jul/Nov     3.90 over to 1.20 over      421 
   Nov/Jan     0.40 under to 1.60 under     39 
   Nov/Mar     4.00 over to 0.60 over        2 
 

Source: MarketsFarm, news@marketsfarm.com

(END) Dow Jones Newswires

September 24, 2024 15:34 ET (19:34 GMT)

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