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, news@marketsfarm.com
(END) Dow Jones Newswires
05-23-24 1534ET