WINNIPEG, Manitoba --ICE futures canola contracts were posting gains at midday Friday as the market corrected after seven straight days of declines.
Strength in European rapeseed and Malaysian palm oil futures along with a steady tone in Chicago soyoil and weakness in the Canadian dollar provided underlying support.
U.S. markets were closed yesterday for Thanksgiving and will close early on Friday; Thin volumes limited activity in the Canadian oilseed.
Wide crush margins, and solid demand from both exporters and domestic processors, contributed to the gains. Weekly canola export sales of 270,000 metric tons were down slightly from the previous week, according to Canadian Grain Commission data, but year-to-date exports of 2.38 million metric tons are up from the same time in 2021/22.
About 11,600 canola contracts traded as of 11:22 EST.
Canola prices are in Canadian dollars per metric ton.
Price Change Jan 825.00 up 4.40 Mar 814.50 up 1.80 May 818.10 up 1.70 Jul 823.00 up 1.90
Source: Commodity News Service Canada news@marketsfarm.com
(END) Dow Jones Newswires
11-25-22 1157ET
