WINNIPEG, Manitoba--ICE canola futures were stronger Thursday morning, posting solid gains as shifting sentiment out of the Middle East remained a feature in the background.
Gains in crude oil spilled into world vegetable oil markets, lending some spillover support to canola.
Malaysian palm oil and European rapeseed futures were up on the day, although Chicago soyoil was narrowly mixed.
Chart-based positioning underpinned the canola market, as values held above several key moving averages.
Historically wide margins and solid demand from domestic crushers were also supportive.
Cargill officially opened its new crush plant in Saskatchewan earlier this week. The facility, near Regina, has the capacity to crush one million metric tons of canola annually.
About 17,000 canola contracts had traded as of 9:54 a.m. EDT.
Prices in Canadian dollars per metric ton at 9:54 a.m. EDT:
Price Change
May 726.30 up 5.20
Jul 739.30 up 4.30
Nov 735.30 up 4.90
Jan 741.60 up 4.70
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-23-26 1024ET
