By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was narrowly mixed at midday Friday in choppy activity, as the market continued to stabilize after falling sharply lower earlier in the week.
In addition to the speculative positioning, gains in Chicago soybeans also provided some spillover support. However, soyoil was softer, with European rapeseed and Malaysian palm oil also weaker on the day.
Canadian canola exports continue to run well behind the year ago pace. Canola exports during the past week of 128,300 tonnes were down from 162,800 tonnes the previous week, according to Canadian Grain Commission data. Year-to-date exports of 4.37 million tonnes compare with 6.42 million tonnes at the same point the previous crop year.
An estimated 30,200 canola contracts traded as of 11:15 CDT.
Prices in Canadian dollars per metric tonne at 11:15 CDT:
Canola May 609.20 up 0.50
Jul 622.00 dn 0.30
Nov 637.80 up 1.20
Jan 646.90 up 1.70
