WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures closed higher on Thursday, with the strongest gains in the front months.
The rolling out of the January contract was a feature.
There was ample support from significant upticks in European rapeseed and the Chicago soy complex. Moderate declines in Malaysian palm oil attempted to cool further increases.
Spillover from global crude oil prices underpinned edible oil values, including canola. However, crude was especially swingy in trading today, which affected edible oils.
Canadian National Rail said it will reopen its Kamloops to Vancouver corridor over the weekend. Another round of heavy rains for southern British Columbia forced CN to close its line a second time. Also, the railway began diverting some of its trains to Prince Rupert to help alleviate its backlog.
Statistics Canada is set to issue its principal field crops report on Friday morning. The trade largely expects to see declines in production for canola, wheat and other major grains.
Regardless of the report, canola supplies will remain tight and continue to underpin values for the foreseeable future.
At mid-afternoon the Canadian dollar was lower, with the loonie at 78.04 U.S. cents, compared to Wednesday's close of 78.27.
There were 18,282 contracts traded on Thursday, which compares with Wednesday when 19,346 contracts changed hands.
Spreading accounted for 10,758 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Jan 1,022.60 up 28.30
Mar 985.10 up 17.80
May 941.50 up 11.30
Jul 891.50 up 7.10
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Jan/Mar 38.40 over to 27.00 over 3,336
Jan/May 81.50 over to 74.00 over 15
Jan/Jul 114.00 over 21
Jan/Nov 239.80 over to 234.40 over 4
Mar/May 44.00 over to 37.40 over 1,290
Mar/Jul 92.00 over to 89.00 over 10
Mar/Nov 218.70 over to 209.80 over 7
May/Jul 52.80 over to 44.30 over 385
May/Nov 168.40 over to 167.90 over 8
Jul/Nov 134.90 over to 120.10 over 268
Jul/Jan 125.90 over 2
Nov/Jan 1.50 over to 0.80 over 33
Source: Commodity News Service Canada
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(END) Dow Jones Newswires