ICE Midday: Canola bounces back

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market received some relief on Thursday from tariff-related pressure seen this week.

One analyst said the rise in canola prices could be a “dead cat bounce”, a brief respite before resuming their downturn. Another said shifting basis values have caused the canola market to be “paralyzed”.

Statistics Canada reported the country’s canola crush in 2024 was a record 11.37 million tonnes. Canola oil exports were 3.5 million tonnes, up 10.7 per cent from 2023.

European rapeseed and Malaysian palm oil were higher while Chicago soyoil was lower. Crude oil slightly declined due to economic uncertainty.

The Canadian dollar was steady compared to Wednesday’s close.

About 28,900 contracts have traded at 10:16 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

May 578.70     up  5.40

Jul 591.20     up  4.60

Nov 601.60     up  2.50

Jan 614.50     up  6.70