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ICE canola futures rise despite soybeans fall

ReutersJan 30, 2025 8:26 PM

All figures in Canadian dollars unless noted

- ICE canola futures rose Thursday as Chicago soyoil stayed firm despite a selloff in soybeans.

• March canola RSH5 settled up $3.60 at $640.20 per metric ton.

• Thursday's gain keeps canola in a rising channel, both in a nearby move begun Jan. 17, and in a longer move begun at the end of November, a sign many traders see as supporting more gains.

"It's looking bullish to me at the moment," said technical analyst Trent Klarenbach, looking at March canola futures' rise towards a previous resistance point. "We need some energy to build up to get above that $650 level."

• Chicago Board of Trade soybean futures Sv1 fell 1.56% on profit-taking near six-month highs, but soyoil futures BOv1 managed to stay flat, resisting the downward soybeans pressure.

• Euronext August rapeseed futures COMc1> fell 2.02% and Malaysian palm oil futures FCPOc3 did not trade due to the lunar new year holidays in Asia. POI/

• The Canadian dollar CAD= was little moved and remains within a sideways pattern established in mid-December. CAD/

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