ICE canola starting 2025 on high note

The ICE Futures canola market maintained positive momentum entering the New Year on Thursday despite mixed sentiment in comparable oils. There was no canola trading yesterday.

Chicago soyoil and Malaysian palm oil were down to start the day, while European rapeseed was higher. Crude oil was up more than US$1 per barrel after Russia decided to cut European access to its gas supply through Ukraine.

The Canadian dollar was down more than one-tenth of a United States cent compared to Tuesday’s close. The Bank of Canada did not post a closing rate on New Year’s Day.

Nearly 4,700 contracts were traded. Prices in Canadian dollars per metric ton as of 8:39 CST:

Mar.  621.70  up  5.80

May   627.90  up  4.00

Jul.  630.00  up  3.70

Nov.  607.30  up  2.20