WINNIPEG, Manitoba--The ICE Futures canola market was mostly higher on Thursday, seeing a continuation of Wednesday's corrective bounce off nearby lows.
Statistics Canada released updated acreage estimates pegging 2024/25 canola seedings in the country at 22.0 million acres. That was up from the March projection of 21.4 million acres and in line with the 22.1 million acres planted in 2023/24.
While the canola area came in above average trade expectations, the market response was muted with attention focused on weather conditions through the growing season.
Gains in European rapeseed provided spillover support for canola, although Chicago soybeans were softer and soyoil held near unchanged.
There were an estimated 67,353 contracts traded on Thursday, which compares with Wednesday when 61,528 contracts traded.
Spreading accounted for 26,324 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Canola Price Change Jul 590.60 dn 0.70 Nov 621.10 up 4.80 Jan 628.50 up 5.80 Mar 635.10 up 6.80
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jul/Nov 20.40 under to 33.00 under 1,634 Nov/Jan 5.60 under to 7.80 under 7,938 Nov/Mar 11.40 under to 14.10 under 18 Nov/May 17.20 under to 18.10 under 27 Jan/Mar 5.10 under to 6.70 under 2,546 Jan/May 9.00 under to 10.00 under 125 Mar/May 3.30 under to 4.30 under 807 May/Jul 0.90 under to 3.00 under 65 Jul/Nov 25.60 over 1 Nov/Jan 1.00 over 1
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
06-27-24 1549ET