Glacier FarmMedia MarketsFarm – The ICE Futures canola market was on the rise on Thursday, showing strength despite mixed sentiment in comparable oils.
Chicago soyoil and Malaysian palm oil made gains, with the latter hitting its highest prices this month. However, European rapeseed was lower and crude oil was steady due to larger United States stockpiles and OPEC+ production cuts.
The Canadian dollar was up less than one-tenth of a U.S. cent compared to Wednesday’s close.
One analyst said Malaysian palm oil was likely pushing canola prices upward, while adding that canola-growing areas in northern Saskatchewan will likely have plenty of moisture this spring.
About 20,100 contracts have traded at 10:28 CST. Prices in Canadian dollars per metric tonne:
Price Change
Mar 583.00 up 5.80
May 593.80 up 2.80
Jul 601.30 up 3.10
Nov 608.00 up 3.00
