ICE Review: Canola Rally Reaches More Heights

WINNIPEG, Manitoba--The ICE Futures canola market maintained its positive momentum on Wednesday with plenty of support from vegetable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil all made gains. However, crude oil was slightly above unchanged.

One analyst believes November canola could be making a run at C$600 per tonne, with the possibility of moving up to C$625/tonne.

At mid-afternoon, the Canadian dollar was up one-tenth of a United States cent compared to Tuesday's close. The United States Federal Reserve announced Wednesday it cut its key interest rate by half a percentage point, its first cut in four years.

There were 42,048 canola contracts traded on Wednesday, which compares with Tuesday when 31,930 contracts changed hands.

Spreading accounted for 25,360 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
        Price   Change 
  Nov   583.10  up 8.70 
  Jan   595.70  up 8.30 
  Mar   607.40  up 8.30 
  May   616.20  up 8.60 
 

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

 
 Months             Prices               Volume 
 Nov/Jan    12.20 under to 13.20 under   6,283 
 Nov/Mar    23.80 under to 24.80 under     110 
 Nov/May    32.00 under to 33.70 under     107 
 Nov/Jul    38.80 under to 40.40 under     627 
 Jan/Mar    11.20 under to 11.90 under   2,453 
 Mar/May    7.80 under to 9.00 under     1,708 
 May/Jul    6.30 under to 7.70 under     1,030 
 Jul/Nov    6.10 over to 1.20 over         332 
 Nov/Jan    0.10 under to 3.30 under        18 
 Jan/Mar    4.70 under to 4.60 under        12 
 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

September 18, 2024 15:23 ET (19:23 GMT)

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