WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Friday, taking some direction from outside markets.
Chicago soyoil, Malaysian palm oil and European rapeseed futures were all higher on the day, with speculative positioning ahead of the weekend a feature.
The new crop November contract was trading right around its 200-day moving average, adding to the firmer tone.
Weekly Canadian canola exports of 322,800 tonnes were roughly double what moved the previous week, according to Canadian Grain Commission data. However, total canola exports through 41 weeks of the 2023/24 marketing year at 5.1 million tonnes were still running about 26% behind the year-ago pace.
Concerns over seeding delays across the Prairies after recent rains helped underpin the futures as well despite ideas that the moisture will be good for production in the long run.
An estimated 23,600 canola contracts traded as of 11:32 a.m. ET.
Prices in Canadian dollars per metric tonne at 11:32 a.m. ET:
Canola
Price Change
Jul 659.00 up 7.50
Nov 679.00 up 5.80
Jan 687.40 up 5.60
Mar 694.70 up 5.10 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-17-24 1158ET
