ICE Morning Commentary : Canola Consolidates Gains

WINNIPEG, Manitoba--The ICE Futures canola market added onto the previous day's gains Thursday despite a bearish acreage report from Statistics Canada.

StatCan reported in its principal field crop acreage estimates released this morning that Canadian farmers planted 22 million acres of canola this spring, well above trade estimates.

Chicago soyoil, European rapeseed and Malaysian palm oil all saw increases. Meanwhile, crude oil was also higher as Middle East tensions were increasing.

The Canadian dollar was up less than one-tenth of a U.S. cent compared to Wednesday's close.

Roughly 27,400 contracts were traded. Prices in Canadian dollars per metric ton as of 8:40 CDT:

 
        Price   Change 
  Jul.  600.00  up 8.70 
  Nov.  626.50  up 10.20 
  Jan.  632.70  up 10.00 
  Mar.  637.90  up 9.60 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

06-27-24 1010ET