Glacier FarmMedia MarketsFarm – The ICE Futures canola market continued upward on Thursday, adding to its momentum from Wednesday.
Chicago soyoil, European rapeseed and Malaysian palm oil were in positive territory. Crude oil gained more than US$1 per barrel, lifted by Middle East tensions.
The Canadian dollar was steady compared to Wednesday’s close.
Statistics Canada (StatCan) reported earlier today that canola stocks as of Dec. 31 were 12.851 million tonnes, a 1.3 per cent increase from the year before. The United States Department of Agriculture (USDA) will release its monthly supply/demand estimates today at 11 a.m. CST.
One analyst said that the report from StatCan had little bearing on prices as opposed to comparable oils, but added that the USDA’s report could have an effect.
About 41,200 contracts have traded at 10:18 CST. Prices in Canadian dollars per metric tonne:
Price Change
Mar 597.00 up 3.50
May 604.10 up 4.70
Jul 609.30 up 5.10
Nov 608.70 up 4.60
