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

Chicago soyoil, European rapeseed and Malaysian palm oil were in positive territory. Crude oil gained approximately US$2 per barrel, lifted by Middle East tensions.

At mid-afternoon, the Canadian dollar was up one-tenth of a United States cent compared to Wednesday's close.

Statistics Canada reported that canola stocks as of Dec. 31 were 12.851 million tonnes, a 1.3 percent increase from the year before. The United States Department of Agriculture kept its estimate for 2023-24 Canadian canola production steady at 18.8 million after the release of its monthly supply/demand estimates.

There were 81,222 canola contracts traded on Thursday, which compares with Wednesday when 92,532 contracts changed hands.

Spreading accounted for 64,298 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne. 


 
        Price   Change 
 Mar    595.70  up 2.20 
 May    604.40  up 5.00 
 Jul    610.30  up 6.10 
 Nov    610.00  up 5.90

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


 
 Months              Prices                 Volume 
 Mar/May     5.40 under to 9.10 under       19,348 
 Mar/Jul     10.90 under to 14.80 under      1,419 
 Mar/Nov     10.00 under to 12.20 under         11 
 May/Jul     4.40 under to 6.00 under        7,697 
 May/Nov     3.70 under to 5.80 under          496 
 Jul/Nov     1.00 over to 0.10 under         3,164 
 Nov/Jan     4.40 under to 5.00 under            9 
 Jan/Mar     0.70 over                           4 
 Mar/May     4.00 under                          1

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


(END) Dow Jones Newswires

02-08-24 1604ET