Glacier FarmMedia — The ICE Futures canola market was stronger on Thursday, taking some direction from activity in outside markets.
- Gains in crude oil amid the ongoing conflict in the Middle East remained supportive for global vegetable oil markets. Chicago soyoil, European rapeseed and Malaysian palm oil were all higher.
- Widening canola crush margins contributed to the strength in canola, with the strong margins a sign that canola seed remains cheap relative to its product values despite the rally. Nearby margins were nearing C$300 per tonne above the futures, rising by roughly C$75 over the past month.
- The war has also caused fertilizer prices to climb higher, which may sway some intended canola acres out of the input-intensive crop into other options, said a trader.
- However, canola ran into resistance and settled well off its session highs as profit-taking and farmer selling came forward to limit the advances.
- There were 60,284 contracts traded on Thursday, which compares with Wednesday when 88,110 contracts changed hands. Spreading accounted for 32,708 of the contracts traded.
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