ICE Canola Rising Monday Morning

WINNIPEG, Manitoba--ICE canola futures were stronger Monday morning, nearing major chart resistance.

The move above C$660 per tonne in the March contract last week was supportive from a technical standpoint, with chart-based positioning underpinning values to start the week.

Gains in Chicago soyoil provided spillover support. However, soybeans were lower while European rapeseed and Malaysian palm oil were mixed.

The Canadian dollar was sharply stronger relative to its United States counterpart, tempering the gains in canola as the firmer currency cuts into crush margins and makes exports less attractive to international buyers.

The U.S. Department of Agriculture will release its monthly supply/demand estimates on Tuesday, and pre-report positioning is expected to be a feature in the grains and oilseeds.

About 27,400 canola contracts had traded as of 9:42 EST.

Prices in Canadian dollars per metric tonne at 9:42 EST:

 
           Price      Change 
Mar       664.60     up 3.80 
May       675.60     up 4.50 
Jul       682.70     up 5.30 
Nov       673.90     up 5.30 
 

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

(END) Dow Jones Newswires

02-09-26 1012ET