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.
Read Also
U.S. Grain/Oilseed Review: Strong increases in Chicago
SOYBEAN futures at the Chicago Board of Trade were stronger on Thursday, as crude oil prices continued to increase significantly…
- 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
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
Stay informed with our daily market videos. Each video quickly covers key futures moves, price trends and market signals that matter to Canadian farmers. Get clear, timely insights in just a few minutes. Bookmark https://www.producer.com/markets-futures-prices/videos
