ICE canola turning higher in most months Thursday morning

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was mostly stronger Thursday morning, recovering from overnight losses as a turn higher in Chicago soyoil provided support.

Soybeans were also firm, while European rapeseed and Malaysian palm oil markets were closed for May 1 holidays after posting losses yesterday.

Tightening old crop supplies and the need to ration demand before the 2025 harvest helped underpin the canola market. However, there are also ideas circulating that the 2024 crop was larger than official estimates.

About 9,400 canola contracts had traded as of 8:53 CDT.

Prices in Canadian dollars per metric ton at 8:53 CDT:

Canola            Jul   692.80    up  0.40

Nov   652.00    up  1.90

Jan   660.00    up  2.10

Mar   667.00    up  2.10