S&P GSCI SOYBEAN OIL INDEX WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed higher on Thursday amid lighter activity.
The United States markets were closed for Thanksgiving and open for reduced hours on Friday. Support for canola came from gains in European rapeseed and Malaysian palm oil. Slight upticks in crude oil lent some spillover to the vegetable oils.
Thursday's increases in canola were tempered by the ongoing threat of tariffs from the incoming Trump administration and the uncertainty in the U.S. biofuel industry regarding its tax credits.
Ahead of next Thursday's production report from Statistics Canada, the trade sees the country's canola harvest at 17 million to 18.50 million metric tons. The data agency's September estimate placed canola production at 18.98 million tons.
With the domestic crush working at capacity and very strong export sales, a smaller canola crop would result in tighter supplies. In turn, that could lead to price rationing by spring.
By mid-afternoon Thursday the Canadian dollar rose to 71.38 U.S. cents compared with Wednesday's close of 71.25.
There were 24,431 contracts traded on Thursday, compared with 67,195 on Wednesday. Spreading accounted for 15,308 contracts traded.
Prices are in Canadian dollars per metric ton:
Price Change
Canola Jan 571.30 up 6.70
Mar 584.50 up 5.40
May 596.00 up 4.60
Jul 599.90 up 3.30 Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Jan/Mar 13.00 under to 14.50 under 4,138
Jan/May 24.30 under to 26.90 under 122
Jan/Jul 27.70 under to 32.40 under 90
Jan/Nov 4.60 under to 7.70 under 2
Mar/May 11.10 under to 12.70 under 1,954
Mar/Jul 17.40 under to 18.10 under 5
Mar/Nov 9.20 over to 6.70 over 3
May/Jul 3.40 under to 6.00 under 1,104
May/Nov 19.00 over 30
May/Jan 17.20 over 48
Jul/Nov 25.90 over to 24.30 over 109
Nov/Jan 3.00 under to 4.90 under 49
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
11-28-24 1626ET
