Glacier FarmMedia — ICE canola futures were stronger Thursday morning, hitting their highest levels in seven months.
- The Iran war kept crude oil values climbing higher on Thursday, with that strength spilling into the vegetable oil markets.
- Gains in Chicago soyoil, Malaysian palm oil and European rapeseed futures were all contributing to the firmer tone in canola.
- Statistics Canada released planting intentions data this morning, estimating a 1.1 per cent increase in canola area on the year at 21.8 million acres. That was below average trade estimates, with most market participants expecting actual area to end up above 22 million acres.
- Bullish chart signals contributed to the gains, although the market was starting to look overbought by some technical metrics.
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ICE Midday: Canola maintains upward momentum
Glacier FarmMedia – Canola futures on the Intercontinental Exchange continued to rise higher on Wednesday, although the gains have cooled…
- About 24,600 canola contracts had traded as of 8:58 CST.
Prices in Canadian dollars per metric tonne at 8:58 CST:
Canola May 712.60 up 3.20
Jul 722.90 up 3.00
Nov 713.60 up 2.70
Jan 720.20 up 2.80
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