By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 25 (MarketsFarm) – ICE Futures canola contracts were posting gains at midday Friday, seeing a modest correction to end the week as the market corrected after seven straight days of declines.
Strength in European rapeseed and Malaysian palm oil futures, along with a steady tone in Chicago soyoil and weakness in the Canadian dollar provided underlying support.
U.S. markets were closed yesterday for Thanksgiving and will close early on Friday, with thin volumes limiting the activity in the Canadian oilseed.
Wide crush margins, and solid demand from both exporters and domestic processors, contributed to the gains. Weekly canola export sales of 270,000 tonnes were down slightly from the previous week, according to Canadian Grain Commission data, but year-to-date exports of 2.38 million tonnes are up from the same time in 2021/22.
About 11,600 canola contracts traded as of 10:22 CST.
Prices in Canadian dollars per metric tonne at 10:22 CST:
Canola Jan 825.00 up 4.40
Mar 814.50 up 1.80
May 818.10 up 1.70
Jul 823.00 up 1.90
