ICE Canola Midday: Futures pulling back a second time
Gains in Chicago soy fade into losses
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures turned lower again by midday Thursday, after recovering from losses earlier in the session.
The declines were spurred on by a turnaround in the Chicago soy complex which had been on the rise. Also, European rapeseed was fading with its upfront contracts now to the downside. Sharp upticks in Malaysian palm oil was part of the driving force behind the increases. However, losses in crude oil weighed on vegetable oil values.
Agriculture and Agri-Food Canada issued its September supply and demand report with the recent updated data from Statistics Canada. Canola exports for 2024/25 hold at 7.50 million tonnes, while domestic use was raised to 12.17 million, and ending stocks was bumped up to 2.50 million.
Despite the about face in canola futures, an analyst suggested that the oilseed could test C$620 per tonne in the near future. Another analyst suggested that buying by China might be behind the gains seen in canola.
By late Thursday morning, the Canadian dollar dipped to 74.24 U.S. cents compared to Wednesday’s close of 74.28.
Approximately 45,100 canola contracts were traded as of 10:50 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 605.20 dn 6.10 Jan 618.80 dn 5.40 Mar 630.40 dn 5.50 May 637.50 dn 6.40
