ICE canola rises on soybean oil strength
17/10/2024 (Reuters) -ICE canola futures closed up on Thursday on spillover strength from higher U.S. soybean oil prices.
* January canola futures RSF5 rose $11.80, or 1.9%, to end at $622.40 per metric ton.
* The gains kept canola in line with soybean oil futures, which a commodity portfolio manager said has been the recent trend. It also keeps canola attached to the same volatility that has characterized soybean oil in recent sessions.
* "It's not a lot out of line with what soybean oil did," said David Derwin of Ventum Financial. "That's been a lot to do with it lately."
* Gains were strongest in nearby months, at over 2%for November 2024 canola futures RSX4 and about 1%for November 2025 RSX5new-crop canola futures.
* January futures dominate open interest, at 132,887 contracts, while November 2024 has fallen to 29,832 contracts. January volume was 32,785 contracts, with November futures at 11,820 contracts.