ICE Review: Canola Mostly Higher, Helped by Palm, Crude Oils
01/04/2025 (Morningstar), Manitoba - The ICE Futures canola market was mostly higher as the May contract eased back.
One analyst said the rise in crude oil was lifting vegetable oil prices, and if the May canola contract gets to above C$620 per ton, it could trigger a selloff. However, that depends on whether the U.S. will impose tariffs on Canadian imports starting Wednesday.
Malaysian palm oil was extremely strong and crude oil was up, while Chicago soyoil and European rapeseed were down.
At mid-afternoon, the Canadian dollar lost nearly four-tenths of a U.S. cent compared to Friday's close.
There were 52,897 contracts traded on Monday, which compares with Friday when 48,008 contracts changed hands. Spreading accounted for 31,006 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola Price Change
May 612.50 dn 0.90
Jul 618.90 up 0.60
Nov 618.00 up 5.80
Jan 627.00 up 6.40