ICE Review : Canola Stronger on Comparable Oils

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were stronger on Thursday, in gleaning support from comparable oils.

Strong gains in Chicago soyoil plus more modest upticks in soybeans and soymeal pushed canola higher. Added support came from increases in European rapeseed and Malaysian palm oil.

Crude oil further underpinned the vegetable oils.

A trader said that led the commodity funds to move away from liquidating. He also said today's sharp upswing was a move to attract farmer selling.

The direction the Prairie weather will take remains a factor. A worsening of dry conditions will likely spur an increase in canola prices, while timely rains will help to keep values down.

The Canadian dollar dropped on Thursday afternoon with the loonie sliding 72.72 compared to Wednesday's close of 72.93.

There were 45,452 contracts traded on Thursday, compared to 35,202 on Wednesday. Spreading accounted for 19,596 contracts traded.

Prices are in Canadian dollars per metric tonne:

 
           Price      Change 
Nov       699.90    up 23.90 
Jan       708.70    up 23.80 
Mar       714.70    up 23.00 
May       719.00    up 22.10 

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

 
Months    Prices                            Volume 
Nov/Jan   8.60 under to 9.40 under           7,264 
Nov/Mar   14.50 under to 16.10 under           112 
Nov/May   19.10 under to 20.90 under             3 
Nov/Jul   21.20 under                            1 
Jan/Mar   5.70 under to 6.90 under           1,664 
Mar/May   4.20 under to 5.30 under             475 
May/Jul   2.00 under to 3.60 under             200 
Jul/Nov   38.00 over to 32.50 over              79 
 

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

(END) Dow Jones Newswires

07-17-25 1550ET