ICE Canola Moving in Positive Direction

WINNIPEG, Manitoba--The ICE Futures canola market made gains during Thursday trading along with comparable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil were all in positive territory, while crude oil was also higher after hawkish comments from U.S. Federal Reserve chair Jerome Powell.

The Canadian dollar was up one-tenth of a U.S. cent compared with Wednesday's close.

Dry weather, limited farmer selling and short covering by the funds are what's causing canola prices to rise, according to one analyst.

"We've kind of divorced from the (U.S.) soybean market because the bean complex is in a pretty good situation with weather in the U.S. Midwest over the next seven days and I think traders have confidence that pockets in Illinois and Indiana are going to have some rain," the analyst said.

The U.S. Department of Agriculture will release its acreage and quarterly grain stocks reports on Friday at 12 p.m. ET.

Nearly 11,850 canola contracts were traded as of 11:25 a.m. ET.

   Canola     Price     Change 
 
      Jul     725.00    up 14.00 
      Nov     710.20    up 9.70 
      Jan     716.40    up 9.40 
      Mar     718.30    up 9.00 

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

(END) Dow Jones Newswires

06-29-23 1259ET