Intercontinental Exchange canola futures were stronger late Friday morning, after the week was highlighted by losses.
Canola was bolstered by sharp increases in the Chicago soy complex and Malaysian palm oil, along with more modest upticks in European rapeseed. There was some pressure on the vegetable oils coming from slight declines in crude oil.
The Canadian Grain Commission reported for the week ended Nov. 10 canola exports bumped up to 264,500 tonnes. That brought the year-to-date to more than 3.36 million tonnes, about double from those a year ago.
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Canola futures on the Intercontinental Exchange were still reeling on Friday following the release of Statistics Canada’s bearish canola production…
At that pace, Canada’s canola exports would top 12.50 million tonnes in 2024/25.
“It’s got to slam shut in the second half of the (marketing) year,” an analyst stressed, warning with a strong domestic crush as well there’s likely not enough canola to go around.
Ahead of the Statistics Canada December production report, there’s a feeling in the market that this year’s canola harvest could drop by one million tonnes from the agency’s current estimate of 18.98 million.
The Canadian dollar was lower on Friday with the loonie at 71.07 U.S. cents compared to Thursday’s close of 71.29.
Approximately 32,700 canola contracts were traded as of 10:35 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Jan 644.00 up 16.40 Mar 657.10 up 16.30 May 666.70 up 16.30 Jul 669.60 up 14.50
