Glacier FarmMedia — ICE Futures canola contracts were stronger at midday Thursday, but off their session highs in choppy activity.
- 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 on the day.
- 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.
- “It’s hard to make sense of it,” added the trader on volatile markets, noting that futures were showing kneejerk reactions to any war-related news.
Read Also
U.S. grains/oilseeds review: Soybeans continue higher with crude oil
SOYBEAN futures at the Chicago Board of Trade were stronger on Thursday, as continued strength in crude oil remained supportive….
- An estimated 44,200 canola contracts traded as of 11:00 CDT.
Prices in Canadian dollars per metric tonne at 11:00 CDT:
Canola May 737.00 up 3.70
Jul 746.10 up 3.60
Nov 731.20 up 3.60
Jan 736.20 up 3.60
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
Stay informed with our daily market videos. Each video quickly covers key futures moves, price trends and market signals that matter to Canadian farmers. Get clear, timely insights in just a few minutes. Bookmark https://www.producer.com/markets-futures-prices/videos
