ICE Review : Canola Rises Alongside European Rapeseed, Malaysia Palm Oil

WINNIPEG, Manitoba--The ICE Futures canola market was higher on Thursday despite mixed comparable oils.

European rapeseed and Malaysian palm oil made gains. However, Chicago soyoil was down and crude oil was lower as the trade weighed an upcoming meeting of OPEC+ and speculation over cuts to key interest rates in the United States.

Spreads between Canadian canola and European rapeseed are creating incentive towards canola exports into Europe, according to one analyst. So far this marketing year, Canadian canola exports have lagged compared to the year prior.

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

There were 34,351 canola contracts traded on Thursday, which compares with Wednesday when 40,863 contracts changed hands. Spreading accounted for 14,732 of the contracts traded.

 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola    Price        Change 
 Jul      672.00       up 6.40 
 Nov      693.50       up 5.70 
 Jan      700.50       up 4.90 
 Mar      707.00       up 4.40 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Jul/Nov        20.60 under to 22.00 under         6,049 
Jul/Jan        27.70 under to 29.20 under            45 
Jul/Mar        34.60 under to 36.00 under             9 
Jul/May        38.60 under to 40.20 under             4 
Nov/Jan         6.90 under to 7.80 under            760 
Nov/Mar        13.90 under to 14.20 under             9 
Jan/Mar         6.40 under to 6.80 under            189 
Jan/Jul         9.50 under to 10.00 under            41 
Mar/May         4.00 under to 4.50 under             68 
Mar/Jul         2.80 under to 3.20 under              9 
May/Jul         1.70 over to 0.50 over              108 
Jul/Nov        38.00 over to 36.00 over               7 
 

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

(END) Dow Jones Newswires

05-23-24 1534ET