ICE Morning Commentary : ICE Canola Sees Quiet Trade Ahead of Canada Day

WINNIPEG, Manitoba--The ICE Futures canola market was steady to higher entering the Canada Day weekend.

Chicago soyoil was steady, while European rapeseed and Malaysian palm oil were higher. Crude oil also made gains due to Middle East tensions and potential political shifts in some of the largest economies.

The U.S. Department of Agriculture will release its planting intentions and quarterly grain stocks reports later Friday.

The Canadian dollar was relatively unchanged compared with Thursday's close. Statistics Canada reported Friday morning that the country's economy grew by 0.3% in April, while preliminary estimates suggest a 0.1% increase in real GDP in May.

Roughly 4,600 contracts were traded. Prices in Canadian dollars per metric ton as of 9:36 a.m. ET:

 
Canola 
     Price  Change 
Nov. 621.20 up 0.10 
Jan. 628.50 unchanged 
Mar. 635.90 up 0.80 
May  642.10 up 2.80 

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

(END) Dow Jones Newswires

06-28-24 1008ET