WINNIPEG, Manitoba--The ICE Futures canola market was on the rise Thursday, showing strength despite mixed sentiment in comparable oils.

Malaysian palm oil made gains, hitting its highest prices this month. Chicago soyoil was steady, European rapeseed was lower and crude oil pulled back due to larger U.S. stockpiles.

One analyst said Malaysian palm oil was likely pushing canola prices upward, while adding that canola-growing areas in northern Saskatchewan will likely have plenty of moisture this spring.

At mid-afternoon, the Canadian dollar was steady compared to Wednesday's close.

There were 36,638 canola contracts traded on Thursday, which compares with Wednesday when 36,015 contracts changed hands. Spreading accounted for 21,603 of the contracts traded. 


 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola      Price           Change 
 Mar        577.30          up 0.10 
 May        593.70          up 2.70 
 Jul        600.90          up 2.70 
 Nov        608.30          up 3.30 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Mar/May         10.80 under to 16.50 under         90 
Mar/Jul         18.70 under to 22.10 under         19 
Mar/Nov         27.70 under to 31.00 under         65 
May/Jul          6.90 under to 7.90 under       6,807 
May/Nov         13.70 under to 15.10 under        690 
Jul/Nov          6.20 under to 7.60 under       2,929 
Nov/Jan          4.60 under to 5.70 under          53

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

02-29-24 1520ET