ICE canola mixed at midday Thursday

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — ICE Futures canola contracts were mixed at midday Thursday, with losses in the nearby July contract and a firmer tone in the more deferred positions.

Gains in Chicago soyoil and weakness in the Canadian dollar provided support, as crush margins showed some improvement.

Tightening old crop supplies and the need to ration demand were also supportive. However, ideas the 2024 crop was larger than official estimates pressured values.

European rapeseed and Malaysian palm oil markets were closed for May 1 holidays after posting losses yesterday.

An estimated 19,200 canola contracts traded as of 10:30 CDT.

Prices in Canadian dollars per metric tonne at 10:30 CDT:

Canola            Jul   691.00    dn  1.40

Nov   651.30    up  1.20

Jan   659.70    up  1.80

Mar   667.70    up  2.80