Glacier FarmMedia — ICE Futures canola contracts were stronger at midday Thursday, taking back some of Wednesday’s losses as gains in crude oil supported world vegetable oil markets.
- Uncertainty over the stability of the tentative ceasefire between the United States and Iran saw crude oil rising on Thursday, with traffic through the Strait of Hormuz still constricted.
- Chicago soyoil, European rapeseed and Malaysian palm oil were all higher, contributing to the gains in canola.
- However, “the way up isn’t ever as fast as the way down,” said an analyst, as canola had only recovered about half of Wednesday’s losses by midsession.
- The U.S. Department of Agriculture will release updated supply/demand estimates at 11:00 CDT. Analysts do not expect any major adjustments from the previous report, but any surprises in the data could provide direction for the futures ahead of the close.
- An estimated 38,000 canola contracts traded as of 10:34 CDT.
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By Glen Hallick Glacier FarmMedia – Canola futures on the Intercontinental Exchange pushed higher on Thursday morning, partially recovering some…
Prices in Canadian dollars per metric tonne at 10:34 CDT:
Canola May 713.10 up 8.20
Jul 726.70 up 8.60
Nov 723.90 up 9.10
Jan 730.40 up 8.90
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