WINNIPEG, Manitoba–The ICE Futures canola market regained positive momentum Thursday, benefiting from increased support from comparable oils.

Chicago soybean oil and European rapeseed were up, as was crude oil, due to lower U.S. inventories. There was no trade in Malaysian palm oil because of Diwali.

One analyst said shortages of vegetable oils, including small rapeseed crops in Russia and Ukraine, were supporting canola. The reason for canola’s slowdown on Wednesday may be due to rumors that China will begin applying retaliatory tariffs on Canadian canola next week.

There were no deliveries of November canola on the first day of notice for the contract.

By mid-afternoon, the Canadian dollar was stable compared to Wednesday’s close.

There were 60,644 canola contracts traded on Thursday, compared to 67,188 contracts on Wednesday.

The spread represented 32,284 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

 
           Price      Change 
Jan       650.40    up 10.20 
Mar       659.50    up 11.40 
May       666.20    up 12.90 
Jul       668.90    up 12.70 

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

 
Months    Prices                            Volume 
Nov/Jan   13.30 under to 16.00 under             5 
Jan/Mar   7.60 under to 9.90 under           7,834 
Jan/May   13.60 under to 16.50 under           195 
Jan/Jul   18.10 under to 19.10 under            13 
Mar/May   4.50 under to 7.20 under           5,929 
Mar/Jul   6.90 under                             6 
May/Jul   1.70 under to 3.20 under             960 
Jul/Nov   29.40 over to 24.80 over           1,188 
Nov/Jan   1.80 over                             12 
 

Source: Commodity News Service Canada, [email protected]

(END) Dow Jones Newswires

October 31, 2024 at 3:22 p.m. ET (7:22 p.m. GMT)

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