By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 27 (MarketsFarm) – The ICE Futures canola market was stronger at midday Friday, seeing a continued recovery off nearby lows to end the week.
Wide crush margins and ideas the canola market was looking oversold after its recent selloff contributed to the gains.
A rally in Malaysian palm oil provided some spillover support, although Chicago soyoil futures were still softer at midday.
Canada exported 174,700 tonnes of canola during the week ended Jan. 22, which was down from the 227,300 tonnes moved the previous week. However, year-to-date exports of 4.11 million tonnes continue to run well ahead of the previous year’s pace of 3.27 million.
Farmers delivered 502,900 tonnes of canola into the commercial pipeline during the week, which was only down by 2,000 tonnes from the previous week.
About 16,100 canola contracts traded as of 10:52 CST.
Prices in Canadian dollars per metric tonne at 10:52 CST:
Canola Mar 811.20 up 5.10
May 811.40 up 4.30
Jul 813.80 up 4.30
Nov 798.80 up 4.30
