ICE Review : Canola Mostly Higher

WINNIPEG, Manitoba--The ICE Futures canola market was mostly higher on Thursday, seeing a continuation of Wednesday's corrective bounce off nearby lows.

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 with attention focused on weather conditions through the growing season.

Gains in European rapeseed provided spillover support for canola, although Chicago soybeans were softer and soyoil held near unchanged.

There were an estimated 67,353 contracts traded on Thursday, which compares with Wednesday when 61,528 contracts traded.

Spreading accounted for 26,324 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
 Canola 
        Price   Change 
 Jul     590.60  dn 0.70 
 Nov     621.10  up 4.80 
 Jan     628.50  up 5.80 
 Mar     635.10  up 6.80 
 

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

 
 Months                 Prices            Volume 
 Jul/Nov   20.40 under to 33.00 under     1,634 
 Nov/Jan    5.60 under to 7.80 under      7,938 
 Nov/Mar   11.40 under to 14.10 under        18 
 Nov/May   17.20 under to 18.10 under        27 
 Jan/Mar    5.10 under to 6.70 under      2,546 
 Jan/May    9.00 under to 10.00 under       125 
 Mar/May    3.30 under to 4.30 under        807 
 May/Jul    0.90 under to 3.00 under         65 
 Jul/Nov    25.60 over                        1 
 Nov/Jan    1.00 over                         1 
 

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

(END) Dow Jones Newswires

06-27-24 1549ET