# ICE Closing Review: Canola sees prices rise - MarketsFarm

> ICE canola futures rose on February 8 despite a slightly bearish StatCan report showing December 31 canola stocks at 12.851 million tonnes, up 1.3%. USDA kept its 2023-24 Canadian canola production estimate at 18.8 million tonnes. Chicago soyoil, European rapeseed and Malaysian palm oil all gained, and crude oil rose about US$2 a barrel on Middle East tensions.

- Date: 2024-02-08 · published 2024-02-08T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/31782-ice-closing-review-canola-sees-prices-rise-marketsfarm
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Firmer vegetable oil and crude prices supported canola despite the stock figures, though the larger stocks point to ample supply. Feed buyers should note canola's momentum is tied to energy and oil complex strength.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- CANMEAL: bullish ▲
- PALMOIL: bullish ▲

## Sources

- marketsfarm.com: https://marketsfarm.com/ice-closing-review-canola-sees-prices-rise/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.