ICE Close: Further Gains for Canola as Funds Exit Shorts

Canola futures finished with another round of gains on Wednesday. as funds continued to exit short positions.  

Strength in the Chicago soy complex, European rapeseed, and Malaysian palm oil provided additional support for canola. The May canola future has now rallied for five straight sessions, moving up from $715 to today’s close of $770. 

The USDA’s attaché in Ottawa forecast Canada’s 2023 canola crop at 18.3 million tonnes, slightly below Agriculture Canada’s current forecast of 18.5 million tonnes. Statistics Canada will release its first acreage report for the 2023 season in late April. 

May canola was up $7.60 at $770, July added $4.10 to $752.10, and November was $1.50 higher at $725. 

Source: DePutter Publishing Ltd.

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