ICE Canola Mostly Higher at Midday With Support From European Rapeseed

WINNIPEG, Manitoba--The ICE Futures canola market was mostly higher at midday Thursday, with only the nearby July contract posting losses as traders exit the front month ahead of its expiry.

Statistics Canada released updated acreage estimates pegging 2024/25 canola seedings in the country at 22.0 million acres. That was up from the March projection of 21.4 million acres and in line with the 22.1 million acres planted in 2023/24.

While the canola area came in above average trade expectations, the market response was muted. "Now, it's all up to the yields," said an analyst, noting that weather conditions through the growing season will have more influence on prices going forward than the acreage base.

Gains in European rapeseed provided spillover support for canola, although Chicago soybeans were softer and soyoil was backing away from its earlier gains.

Canola was also running into some chart resistance, trading well off its session highs by midday.

An estimated 45,600 canola contracts traded as of 11:34 EDT.

 
Prices in Canadian dollars per metric ton at 11:34 EDT: 
 
Canola     Price        Change 
 Jul       588.00       dn 3.30 
 Nov       617.90       up 1.60 
 Jan       625.00       up 2.30 
 Mar       631.20       up 2.90 
 

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

(END) Dow Jones Newswires

06-27-24 1237ET