Glacier FarmMedia — 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 United States 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 tonne 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 tonnes of canola during the week ended March 8, reported the Canadian Grain Commission. That was down from 203,000 tonnes the previous week, with crop year-to-date exports of 4.6 million tonnes about 27 per cent 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.
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- An estimated 34,000 canola contracts traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Canola May 740.40 up 6.10
Jul 749.80 up 5.80
Nov 734.90 up 4.40
Jan 739.80 up 3.40
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