ICE Review : Canola's Rally Comes to an End

WINNIPEG, Manitoba--The ICE Futures canola market was lower on Thursday as it faced resistance at the 200-day moving averages, despite receiving some support from vegetable oils. An analyst said canola was likely to remain in a trading range of C$600 to C$625 per tonne for the remainder of the month.

Chicago soyoil and Malaysian palm oil were higher while European rapeseed was mostly lower. Crude oil was mixed after OPEC+ cut its 2025 world demand forecast.

At mid-afternoon, the Canadian dollar was nearly down two-tenths of a U.S. cent compared to Wednesday's close.

There were 89,207 canola contracts traded on Thursday, which compares with Wednesday when 76,707 contracts changed hands. Spreading accounted for 64,150 of the contracts traded. Settlement prices are in Canadian dollars per metric tonne.

 
           Price      Change 
Jan       618.60     dn 3.50 
Mar       628.50     dn 2.20 
May       635.40     dn 1.60 
Jul       638.40     dn 1.20 

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

 
Months    Prices                            Volume 
Jan/Mar   8.20 under to 10.50 under         22,753 
Jan/May   13.00 under to 17.60 under           587 
Jan/Jul   14.30 under to 17.00 under             2 
Jan/Nov   7.50 over                              1 
Mar/May   4.50 under to 7.30 under           5,929 
Mar/Jul   5.40 under to 10.10 under            551 
May/Jul   0.80 under to 3.80 under           2,040 
May/Nov   23.00 over to 22.50 over              41 
Jul/Nov   25.00 over to 22.00 over             170 
Nov/Jan   4.70 under                             1 
 

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

(END) Dow Jones Newswires

12-12-24 1527ET