WINNIPEG – The ICE Futures canola market was struggling to find direction before the start of the weekend despite prices rising for comparable oils.
While Chicago soyoil was lower, European rapeseed and Malaysian palm oil were all higher. Crude oil recovered from a sharp downturn this morning to make small gains. This morning, Saudi Arabia denied a report from the Wall Street Journal claiming that the country is in discussions about leaving OPEC+.
One trader said that canola is lacking the volatility seen in other markets.
“It’s a pretty unexciting market right now. Supplies appear to be reasonably comfortable going into spring. We’re not headed for a huge carryover in canola, but probably a bit bigger than what was expected earlier,” the trader explained.
The Canadian dollar was down less than one-tenth of a United States cent compared to Thursday’s close.
Nearly 10,941 canola contracts were traded as of 10:23 CST.
Price Change
May 826.30 up 1.00
Jul 821.70 up 0.90
Nov 797.50 up 1.10
Jan 801.70 up 0.40
