ICE Review: Canola Rises With Help From Soyoil, Palm Oil

WINNIPEG, Manitoba--The ICE Futures canola market overcame losses for much of Friday's session to end the day in positive territory despite mixed sentiment in comparable oils.

Chicago soyoil and Malaysian palm oil helped to underpin canola prices. However, European rapeseed lost its gains to finish lower while crude oil incurred small losses.

In the first six weeks of the 2024-25 marketing year, Canada has exported 1.45 million tons of canola, more than triple the amount from one year ago, according to the Canadian Grain Commission.

At mid-afternoon, the Canadian dollar was steady compared to Thursday's close.

There were 47,577 canola contracts traded on Friday, which compares with Thursday when 46,087 contracts changed hands. Spreading accounted for 34,670 of the contracts traded.

 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola     Price        Change 
 Nov       588.90       up 6.30 
 Jan       599.10       up 4.70 
 Mar       609.50       up 3.90 
 May       617.90       up 3.90 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Nov/Jan       10.10 under to 12.10 under        8,887 
Nov/Mar       20.00 under to 22.80 under          449 
Nov/May       28.80 under to 30.90 under           12 
Nov/Nov       31.50 under                          24 
Jan/Mar        9.90 under to 11.30 under        3,945 
Jan/May       18.10 under                           2 
Jan/Jul       24.30 under to 25.90 under          714 
Mar/May        7.50 under to 8.50 under         1,822 
Mar/Jul       14.40 under to 15.40 under           70 
May/Jul        6.50 under to 7.30 under         1,123 
Jul/Nov        4.10 over to 0.20 over             257 
Nov/Jan        1.40 under to 2.40 under            20 
Jan/Mar        4.30 over                           10 
 

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

(END) Dow Jones Newswires

September 20, 2024 15:37 ET (19:37 GMT)

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