ICE Canola Midday: Building on the rally
USDA report at 11 a.m. CST
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures continued higher on late Tuesday morning, in an attempt to extend their rally to a fourth consecutive session.
Support for the Canadian oilseed came from a tightening supply situation and spillover from comparable oils.
In Chicago, soybeans and soyoil swung upward while soymeal was mixed. There were gains in European rapeseed, but the Malaysian palm oil market remained closed for a holiday. Moderate increases in crude oil were underpinning the vegetable oils.
The United States Department of Agriculture is set to release its February supply and demand report at 11 a.m. CST. Any changes to their soybean estimates, foreign or domestic, would influence canola.
Also, the USDA will issue its world oilseed report. In January, the department maintained its estimate for 2024/25 canola production in Canada at 18.80 million tonnes, while Statistics Canada placed its output at 17.85 million.
The Canadian dollar was slightly higher at mid-session Tuesday, with the loonie bumping up to 69.90 U.S. cents compared to Monday’s close of 69.82.
Approximately 40,000 canola contracts were traded as of 10:23 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 664.70 up 2.90 May 674.70 up 3.00 Jul 678.60 up 2.30 Nov 654.30 up 2.80
