ICE Canola Finding Positive Momentum Midday

WINNIPEG, Manitoba--The ICE Futures canola market continued upward Thursday, adding to its momentum from Wednesday.

Chicago soyoil, European rapeseed and Malaysian palm oil were in positive territory. Crude oil gained more than US$1 per barrel, lifted by Middle East tensions.

The Canadian dollar was steady compared with Wednesday's close.

Statistics Canada (StatCan) reported earlier Thursday that canola stocks as of Dec. 31 were 12.851 million metric tons, a 1.3% increase from the year before. The U.S. Department of Agriculture will release its monthly supply/demand estimates at 11 a.m. CST.

One analyst said that the report from StatCan had little bearing on prices as opposed to comparable oils, but added that the USDA's report could have an effect.

About 41,200 contracts have traded at 10:18 CST. Prices in Canadian dollars per metric tonne:

 
                   Price     Change 
Canola        Mar  597.00  up 3.50 
              May  604.10  up 4.70 
              Jul  609.30  up 5.10 
              Nov  608.70  up 4.60 
 
 

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

(END) Dow Jones Newswires

02-08-24 1151ET