By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 3 (MarketsFarm) – The ICE Futures canola market was stronger at midday Friday, continuing to see a correction off nearby lows as speculators covered short positions ahead of the weekend.
Gains in Chicago soybeans and European rapeseed provided some spillover support, although soyoil and Malaysian palm oil were both lower.
Canada exported 275,900 tonnes of canola during the week ended Oct. 29, according to the latest Canadian Grain Commission data. That marked the largest weekly total in nearly a year and brought the crop-year-to-date total exports to 1.6 million tonnes. Weekly domestic usage, at 229,900 tonnes, was also solid and took the 2023/24 total to 2.65 million tonnes.
The Canadian dollar was stronger at midday, putting some pressure on the canola market.
An estimated 14,500 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Canola Jan 691.50 up 8.90
Mar 700.50 up 8.60
May 706.60 up 8.30
Jul 712.50 up 7.20
