The ICE Futures canola market was stronger on Thursday, seeing a continuation of Wednesday’s rally.
- The close above C$680 per tonne in the May contract on Wednesday was supportive from a chart standpoint, said an analyst who expected the bullish technical signals encouraged additional speculative buying interest.
- Gains in Chicago soyoil and soybeans provided spillover support. European rapeseed and Malaysian palm oil were also higher, with strength in crude oil underpinning the world vegetable oil markets.
- Agriculture and Agri-Food Canada released updated supply/demand estimates on Wednesday that included only minor adjustments to the canola balance sheet. Projected ending stocks for the current marketing year were raised to 2.760 million tonnes, from 2.765 million in January. The carryout for 2026/27 was also upped by 10,000 tonnes to 1.660 million tonnes.
- There were 84,036 contracts traded on Thursday, which compares with Wednesday when 84,047 contracts changed hands. Spreading was a feature, accounting for 59,940 of the contracts traded.
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