Glacier FarmMedia — ICE Futures canola contracts were stronger at midday Friday, as investors squared positions ahead of the weekend.
- The March contract was trading just above C$650 per tonne at midsession, after testing that level every day of the past week. An analyst said it would be supportive from a technical standpoint if the market could hold that price by the close.
- The Canadian dollar backed away from the 16-month highs relative to its United States counterpart hit yesterday. The softer currency underpins crush margins and makes exports more attractive to international buyers.
- Losses in the Chicago soy complex accounted for some spillover selling pressure in canola, tempering the upside. European rapeseed and Malaysian palm oil futures were also lower.
- Canada exported 241,100 tonnes of canola during the week ended Jan. 19, which was down by 15 per cent from the previous week, reported the Canadian Grain Commission. Crop year-to-date exports of 3.45 million tonnes were 35 per cent behind the year-ago pace.
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Little movement for ICE canola
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were relatively steady on Friday morning with mixed comparable oils. Chicago…
- An estimated 34,700 canola contracts traded as of 11:14 CST.
Prices in Canadian dollars per metric tonne at 11:14 CST:
Canola Mar 650.30 up 1.60
May 661.20 up 1.60
Jul 668.80 up 1.70
Nov 659.40 up 1.90
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