WINNIPEG, Manitoba--After severe price drops Thursday, the ICE Futures canola market recovered all of its losses by midday Friday.
Statistics Canada's principal field crop production estimates earlier Friday projected 18.17 million metric tons of canola produced for the 2022-23 marketing year, 1 million fewer than the trade expected.
One trader believes this development was the main reason for canola's Friday rally, but also stated that crush margins remain very wide, providing additional price support.
However, both European rapeseed and Malaysian palm oil were lower Friday, while Chicago soyoil continued its Thursday declines. Crude oil was steady at midday.
The Canadian dollar lost nearly one-quarter of a U.S. cent.
Nearly 20,040 canola contracts traded as of 11:20 ET.
Price Change
Canola Jan 848.00 up 33.20
Mar 842.00 up 29.20
May 844.60 up 28.00
Jul 848.90 up 28.50
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
12-02-22 1159ET
