ICE canola rising Thursday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger Thursday morning, trading just below the three-month highs hit Wednesday.

Gains in Chicago soybeans and soyoil provided spillover support, with Malaysian palm oil also firm in overnight activity. However, European rapeseed was mixed.

Supportive chart signals and the need to ration demand also underpinned the market.

Agriculture and Agri-Food Canada released updated supply/demand estimates late Wednesday, upping their call for both 2024/25 and 2025/26 canola ending stocks by 50,000 tonnes — now estimating carryout at 1.30 million and 1.00 million tonnes respectively. If realized, that would still be well below the 2.75 million tonnes of canola on hand at the end of 2023/24.

Uncertainty over tariff threats from the United States remained a bearish influence overhanging the market.

About 7,400 canola contracts had traded as of 8:38 CST.

Prices in Canadian dollars per metric ton at 8:38 CST:

Canola            Mar   667.30    up  5.00

May   679.60    up  5.60

Jul   684.90    up  5.70

Nov   661.20    up  5.50