Canola Futures Continue Uptrend on Thursday
The ICE Futures canola contracts continued their upward trend on Thursday, building on the gains made on Wednesday. The rally was supported by solid demand from end-users in rural areas, as exporters and domestic crushers worked to secure old crop supplies ahead of the harvest season.
Chart-based positioning also played a role in the price increase, with the November contract regaining ground above the C$800 per tonne level. However, the upside was tempered by a softer tone in Chicago soybeans and soyoil, as well as a decline in crude oil prices.
November canola futures rose to C$801.40 per tonne at mid-session, up $7.00 from the previous day's close. Trading volumes were higher on Thursday than Wednesday, with 54,710 contracts changing hands compared to 44,375.