ICE Review : Rally Stretches Into Third Day

WINNIPEG, Manitoba--Intercontinental Exchange canola futures remained positive on Thursday, gleaning support from comparable oils.

With the ongoing war in the Middle East, crude oil continued to rise sharply. That led to increases in the Chicago soy complex, MATIF rapeseed and Malaysian palm oil.

While the stronger prices for canola may spur additional farmer selling, there's the danger of foreign buyers shying away.

An ample supply of canola still loomed over the market as large ending stocks are likely.

The May canola contract remained well above its major moving averages.

The Canadian dollar was weaker on Thursday afternoon, with the loonie at 72.18 U.S. cents, compared to Wednesday's close of 72.46.

There were 57,700 canola contracts traded on Thursday, compared to 59,807 on Wednesday. Spreading accounted for 45,202 contracts traded.

Prices are in Canadian dollars per metric tonne:

 
           Price      Change 
May       729.40     up 2.20 
Jul       742.40     up 2.50 
Nov       736.80     up 2.70 
Jan       742.90     up 3.40 

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
Months    Prices                            Volume 
May/Jul   12.00 under to 13.10 under        10,495 
May/Nov   5.30 under to 7.80 under             593 
May/Jan   10.60 under to 14.20 under            99 
Jul/Nov   6.90 over to 5.00 over             5,752 
Jul/Jan   1.80 over to 1.00 under               17 
Nov/Jan   4.30 under to 6.50 under           4,234 
Nov/Mar   10.30 under to 11.00 under            85 
Nov/Jul   7.30 under to 10.80 under              3 
Jan/Mar   2.50 under to 4.80 under           1,068 
Jan/Jul   2.90 under to 4.70 under              46 
Mar/May   0.20 under to 1.30 under             120 
May/Jul   0.50 over to 0.20 under               61 
Jul/Nov   34.60 over to 29.70 over              28 
 

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

(END) Dow Jones Newswires

03-26-26 1511ET