WINNIPEG – After a severe drop in prices on Thursday, the ICE Futures canola market recovered all of its losses at midday Friday.
Statistics Canada (StatCan) released its principal field crop production estimates earlier on Friday with the central data agency projecting 18.17 million tonnes of canola produced for the 2022-23 marketing year, one million fewer than what the trade expected.
One analyst believes this to be the main reason for canola’s rally, but also stated that crush margins remain very wide, providing additional support to prices.
However, both European rapeseed and Malaysian palm oil were lower on Friday while Chicago soyoil continued with Thursday’s declines. Crude oil was steady at midday.
The Canadian dollar lost nearly one-quarter of a U.S. cent.
Nearly 20,040 canola contracts were traded as of 10:20 CST.
Price Change
Canola Jan 848.00 up 33.20
Mar 842.00 up 29.20
May 844.60 up 28.00
Jul 848.90 up 28.50
