By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures remained on the rise late Thursday morning on the first day of trading for 2025.
The markets in Canada and the United States were closed Wednesday for New Year’s.
Support for canola came from gains in the Chicago soy complex, although soybeans were narrowly mixed. Increases in European rapeseed spilled over into the Canadian oilseed while pressure came from losses in Malaysian palm oil. Strong upticks in crude oil were underpinning the vegetable oils.
An analyst noted there’s almost nothing in the soy complex over the next several weeks that will be bullish, which means little support for canola.
Meanwhile, the March canola contract held above its 20-day moving average and was hovering near its 100-day average.
The Canadian dollar was pulling back by mid-session Thursday, with the loonie at 69.26 U.S. cents compared to Tuesday’s close of 69.50.
Approximately 12,000 canola contracts were traded as of 10:23 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 621.90 up 6.00 May 629.40 up 5.50 Jul 631.60 up 5.30 Nov 609.00 up 3.90
