By Phil Franz-Warkentin
Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was posting solid gains at midday Friday, with chart-based buying and spillover from outside markets underpinning values ahead of monthly supply/demand data from the United States.
The U.S. Department of Agriculture releases its monthly supply/demand report at 11:00 CDT, with any surprises in the data likely to sway the agricultural futures. Canadian markets will be closed Monday for Thanksgiving, and positioning ahead of the weekend was also accounting for some of Friday’s trade.
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Malaysian palm oil, European rapeseed and Chicago soyoil futures were all higher on the day.
The November canola contract was trading above its 100-day moving average, bringing in additional speculative short covering. However, farmer selling was thought to be coming forward at the highs, tempering the gains.
Canada exported 160,500 tonnes of canola during the week ended Oct. 6, according to the latest Canadian Grain Commission data. The movement was up from the 86,700 tonnes exported the previous week, with year-to-date exports at 1.951 million tonnes up by 167 per cent compared to what moved the same time in 2023-24.
An estimated 42,900 canola contracts traded as of 10:28 CDT.
Prices in Canadian dollars per metric tonne at 10:28 CDT:
Canola Nov 625.80 up 13.90
Jan 637.50 up 12.50
Mar 648.70 up 11.30
May 656.60 up 10.70
