ICE Canola Uptrend Continues in Early Trading

WINNIPEG, Manitoba--The ICE Futures canola market remained pointed higher Wednesday morning, as bullish technical signals and speculative positioning underpinned values.

Gains in outside markets provided spillover support, with Chicago soyoil, European rapeseed and Malaysian palm oil futures all higher on the day.

Agriculture and Agri-Food Canada lowered its forecast for 2024/25 canola ending stocks to 1.65 million metric tons, which compares with the February estimate of 1.95 million metric tons and the 2023/24 projection of 2.00 million metric tons.

Scale-up farmer selling tempered the advances. Losses in crude oil were also putting some pressure on the vegetable oil markets.

About 13,000 canola contracts had traded as of 9:46 a.m. EDT.

Prices in Canadian dollars per metric ton at 9:46 a.m. EDT:

 
                  Price    Change 
Canola       May  640.10  up 5.60 
             Jul  649.20  up 5.20 
             Nov  654.80  up 4.50 
             Jan  662.00  up 3.80 
 
 

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

(END) Dow Jones Newswires

03-20-24 1022ET