ICE canola surges after StatCan report

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market received a huge boost on Thursday morning after the release of Statistics Canada’s principal field crop report.

The data agency cut its previous 2024-25 canola production estimate to 17.8 million tonnes, seven per cent lower than the previous year’s amount. However, reports that Chinese buyers will slash Canadian canola purchases for fear of anti-dumping duties could temper gains.

Chicago soyoil and Malaysian palm oil were up, while European rapeseed was mostly higher. Crude oil also made small gains.

The Canadian dollar was up nearly two-tenths of a U.S. cent compared to Wednesday’s close.

Nearly 25,500 contracts were traded. Prices in Canadian dollars per metric ton as of 8:39 CST:

Jan.  591.70  up 13.50

Mar.  602.30  up 12.80

May   611.40  up 11.00

Jul.  614.50  up  9.80