ICE Review: Canola Continues Higher Thursday

WINNIPEG, Manitoba--The ICE Futures canola market posted solid gains on Thursday, seeing a continuation of Wednesday's corrective bounce.

Chart-based speculative buying was a feature, with some stops likely hit as contracts moved back above some key technical levels.

Gains in Chicago soybeans and European rapeseed futures provided spillover support. However, soyoil and Malaysian palm oil held closer to unchanged.

Canada exported 672,000 tonnes of canola in March, according to monthly export data, with China the largest destination at 507,300 tonnes. Total canola exports through the 2023/24 marketing year-to-date came in at 4.071 million tonnes, which was well behind the 6.039 million tonnes moved by the same time the previous year.

There were an estimated 35,396 contracts traded on Thursday, which compares with Wednesday when 34,494 contracts traded.

Spreading accounted for 13,776 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
 Canola 
        Price   Change 
 Jul    636.90  up 11.20 
 Nov    652.10  up 9.50 
 Jan    660.50  up 9.00 
 Mar    665.20  up 8.40 

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

 
 Months                 Prices                  Volume 
 Jul/Nov        15.00 under to 17.10 under      5,950 
 Jul/Jan        23.50 under to 25.10 under        114 
 Nov/Jan        8.20 under to 8.90 under          720 
 Jan/Mar        4.50 under to 5.30 under           76 
 Mar/May        1.00 under to 2.30 under           24 
 May/Jul        3.10 over to 2.90 over              4 
 

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

(END) Dow Jones Newswires

May 02, 2024 15:46 ET (19:46 GMT)

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