WINNIPEG--The ICE Futures canola market was stronger on Thursday, closing at their highest levels in eight months as contracts recovered from early profit-taking losses.
* A turn higher in crude oil, after energy markets had initially moved lower, contributed to the eventual gains in canola.
* Weakness in the Canadian dollar, which was down by nearly half a cent relative to its United States counterpart, added to the relative strength in canola. The softer currency underpins crush margins and makes exports more attractive for international buyers.
* Nearby crush margins have topped C$300 per tonne above the futures, rising by more than C$70 over the past month. The wide margins indicate canola seed remains cheap relative to its product values.
* Canada exported 113,500 tonnes of canola during the week ended March 8, reported the Canadian Grain Commission. That was down from 203,000 tonnes the previous week, with crop year-to-date exports of 4.6 million tonnes about 27 per cent behind what moved by the same time a year ago.
* Chicago soyoil were narrowly mixed, while soybeans settled with small losses.
* There were 62,755 contracts traded on Friday, which compares with Thursday when 60,284 contracts changed hands. Spreading accounted for 37,438 of the contracts traded.
Settlement prices in Canadian dollars per metric tonne.
May 739.90 up 5.60 Jul 749.20 up 5.20 Nov 734.20 up 3.70 Jan 738.60 up 2.20 Spread trade prices are in Canadian dollars and the volume represents the number of spreads: May/Jul 9.10 under to 10.30 under 10,117 May/Nov 6.60 over to 3.20 over 186 May/Jan 2.10 over to 2.90 under 19 Jul/Nov 16.00 over to 12.10 over 6,170 Jul/Jan 10.60 over to 7.70 over 10 Nov/Jan 4.20 under to 6.20 under 1,672 Nov/Mar 7.60 under to 10.30 under 48 Jan/Mar 3.00 under to 4.60 under 327 Jan/Jul 4.00 under to 4.10 under 28 Mar/May 0.30 under to 1.10 under 70 May/Jul 0.20 over to 0.50 under 72
Source: MarketsFarm (Phil Franz-Warkentin, news@marketsfarm.com, or 204-414-9084)
(END) Dow Jones Newswires
03-13-26 1603ET
