ICE Canola Strengthens With Outside Markets at Midday

WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Thursday, hitting its highest levels in a month as speculative short covering and spillover from outside markets provided support.

Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher, with solid U.S. export demand behind some of the strength in world vegetable oil markets.

The May canola contract was holding above the psychological C$600 per metric ton level at midday, which was supportive from a chart standpoint.

However, farmer selling at the highs was likely coming forward to keep a lid on the upside, according to participants.

Statistics Canada will release planted acreage estimates on Monday, March 11, with average trade guesses expecting planted area intentions to come in below the 22.1 million acres seeded in 2023.

An estimated 33,100 canola contracts traded as of 11:46 a.m. EST.

Prices in Canadian dollars per metric ton at 11:46 a.m. EST:

 
                  Price    Change 
Canola       May  604.80  up 5.90 
             Jul  612.60  up 5.70 
             Nov  618.30  up 4.40 
             Jan  623.60  up 4.40 
 
 

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

(END) Dow Jones Newswires

03-07-24 1214ET