WINNIPEG, Manitoba--ICE Futures canola contracts were stronger at midday Friday, recovering from overnight 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 U.S. counterpart, added to the relative strength in canola as the softer currency underpins crush margins and makes exports more attractive for international buyers.
Nearby crush margins have topped C$300 per metric ton 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 metric tons of canola during the week ended March 8, reported the Canadian Grain Commission. That was down from 203,000 metric tons the previous week, with crop year-to-date exports of 4.6 million metric tons about 27% behind what moved by the same time a year ago.
Chicago soyoil futures were narrowly mixed at midday. Malaysian palm oil settled stronger, while European rapeseed futures were posting small losses.
An estimated 34,000 canola contracts traded as of 11:41 EDT.
Prices in Canadian dollars per metric tonne at 11:41 EDT:
Price Change
May 740.40 up 6.10
Jul 749.80 up 5.80
Nov 734.90 up 4.40
Jan 739.80 up 3.40
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-13-26 1219ET
