ICE canola still rising Thursday

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — ICE Futures canola contracts were stronger at midday Thursday, showing little signs of slowing the month-long uptrend as the market continues to work to ration demand.

Canada has already exported about 7.2 million tonnes of canola during the 2024/25 marketing year — only 300,000 tonnes short of the Agriculture and Agri-Food Canada target with three months left in the marketing year.

Gains in Chicago soyoil provided additional spillover support for canola, although soybeans were lower. European rapeseed and Malaysian palm oil futures were also softer.

The most-active July contract moved above C$680 per tonne on Wednesday, with the next upside target coming in around C$690 per tonne.

Futures markets will be closed Friday for Good Friday, with positioning ahead of the long weekend behind some of the activity.

An estimated 33,200 canola contracts traded as of 10:30 CDT.

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

Canola            May   674.70    up  0.90

Jul   682.50    up  1.80

Nov   652.90    up  0.20

Jan   660.60    up  2.30