ICE Close: Soyoil Gains Bump Canola Higher

Gains in Chicago soyoil futures helped to lift canola futures on Thursday.

Advances in European rapeseed also underpinned canola although losses in Malaysian palm oil limited the gains. Strength in the Canadian dollar also weighed on canola.

Today’s Statistics Canada acreage and stocks reports had little impact on the market. The federal agency forecast a 1.6% decline in canola acres from last year to 20.6 million acres, comfortably within pre-report trade estimates. National canola stocks as of March 31 were reported at 8.9 million tonnes, down more than 12% from the previous year.

July canola was $1.80 higher at $467.30, November was up $1.70 at $474 and January added $1.90 to $479.90.

Source: DePutter Publishing Ltd.

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