Glacier FarmMedia — ICE Futures canola contracts were stronger at midday Thursday, seeing follow-through buying interest after Wednesday’s climb to six-month highs.
- The close above C$680 per tonne in the May contract on Wednesday was supportive from a chart standpoint, encouraging additional speculative buying interest.
- Gains in Chicago soyoil provided spillover support. European rapeseed and Malaysian palm oil were also higher, with strength in crude oil underpinning the world vegetable oil markets.
- Agriculture and Agri-Food Canada released updated supply/demand estimates on Wednesday that included only minor adjustments to the canola balance sheet. Projected ending stocks for the current marketing year were raised to 2.760 million tonnes, from 2.765 million in January. The carryout for 2026/27 was also upped by 10,000 tonnes to 1.660 million tonnes.
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ICE canola lower despite oil strength
Glacier FarmMedia – Canola futures on the Intercontinental Exchange declined on Thursday morning, despite rising crude and vegetable oil prices….
- An estimated 54,800 canola contracts traded as of 10:45 CST.
Prices in Canadian dollars per metric tonne at 10:45 CST:
Canola Mar 672.20 up 2.00
May 684.50 up 1.80
Jul 695.30 up 1.80
Nov 689.70 up 2.60
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