ICE Canola Nearing Contract Highs to Start 2022

WINNIPEG--The ICE Futures canola market was stronger Tuesday morning, taking some direction from soyoil and soybeans at the Chicago Board of Trade.

Forecasts calling for hot and dry weather in South America accounted for some of the buying in the soy complex that spilled into canola, as soybean yields in Brazil and Argentina could be hurt by the adverse growing conditions.

Strength in other outside markets, including Malaysian palm oil and European rapeseed futures, added to the firmer tone.

Bullish technical signals were also supportive, with canola nearing contract highs. However, ideas that the market is looking overpriced at current levels tempered the gains somewhat.

About 10,000 canola contracts traded as of 11:32 a.m. EST.

Prices in Canadian dollars per metric ton at 11:32 a.m. EST:

 
 
 
                          Price      Change 
Canola            Mar   1,023.00    up 10.40 
                  May     999.40    up 16.00 
                  Jul     950.20    up 16.80 
                  Nov     785.00    up 13.30 
 
 

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

(END) Dow Jones Newswires

01-04-22 1201ET