ICE Review : Canola Rises Alongside European Rapeseed, Malaysia Palm Oil
23/05/2024 (Market Screener), Winnipeg - The ICE Futures canola market was higher on Thursday despite mixed comparable oils.
European rapeseed and Malaysian palm oil made gains. However, Chicago soyoil was down and crude oil was lower as the trade weighed an upcoming meeting of OPEC+ and speculation over cuts to key interest rates in the United States.
Spreads between Canadian canola and European rapeseed are creating incentive towards canola exports into Europe, according to one analyst. So far this marketing year, Canadian canola exports have lagged compared to the year prior.
At mid-afternoon, the Canadian dollar was down three-tenths of a U.S. cent compared to Wednesday's close.
There were 34,351 canola contracts traded on Thursday, which compares with Wednesday when 40,863 contracts changed hands. Spreading accounted for 14,732 of the contracts traded.