ICE Review: Canola Hangs on to Modest Increases Above C$600

WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed modestly higher Friday, partially recovering losses incurred Thursday with all contracts finishing the week above 600 Canadian dollars per metric ton.

Canola faced a fair amount pressure from declines in Chicago soyoil, European rapeseed and Malaysian palm oil.

However, support was derived from strong increases in Chicago soybeans and soymeal. Also, upticks in crude oil spilled over into the oilseeds.

The oilseed market, including canola, was "a jumble" surrounded by uncertainty, a trader said. For canola he noted that included China's investigations into alleged canola dumping by Canada, the grain workers' strike at Vancouver, and lingering questions about the size of the Prairie canola harvest.

The trader acknowledged that ending stocks for canola will likely be much higher than anticipated.

The Canadian Grain Commission reported canola exports following week seven of the 2024-25 marketing year are almost 3.5 times more than the same last year at 1.68 million tons compared to 492,500 tons.

The Canadian dollar fell to 74.00 U.S. cents compared to Thursday's close of 74.22.

An estimated 53,768 contracts traded on Friday, compared to 68,026 on Thursday. Spreading accounted for 35,212 contracts traded.

Prices are in Canadian dollars per metric ton:

 
   Contracts Price   Change 
 
   Nov       603.80  up 2.90 
   Jan       616.30  up 2.60 
   Mar       627.00  up 2.70 
   May       634.00  up 2.60 
 

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

 
   Contracts Prices                     Volume 
 
   Nov/Jan   12.30 under to 14.30 under 9,245 
   Nov/Mar   22.80 under to 25.10 under    59 
   Nov/Jul   34.40 under to 35.00 under     9 
   Nov/Nov   31.20 under to 36.40 under    13 
   Jan/Mar    9.90 under to 11.60 under 4,178 
   Jan/Jul   19.90 under to 25.10 under   275 
   Jan/Nov   20.60 under to 20.90 under    12 
   Mar/May    5.90 under to 8.20 under  2,042 
   May/Jul    4.10 under to 6.60 under  1,313 
   Jul/Nov    3.60 over to 0.00 under     457 
 

Source: MarketsFarm, news@marketsfarm.com

(END) Dow Jones Newswires

September 27, 2024 16:22 ET (20:22 GMT)

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