Glacier FarmMedia MarketsFarm – The ICE Futures canola market appeared tentative on Friday, with little change in prices along with those in comparable oils.
European rapeseed was higher, Malaysian palm oil was mixed while Chicago soyoil and crude oil saw minimal gains. Today is the last day for May trading options.
The Canadian dollar was steady compared to Thursday’s close.
Statistics Canada (StatCan) reported today that producer deliveries of canola in March totaled 1.87 million tonnes, compared to 2.042 million in March 2023. StatCan also reported that 961,355 tonnes of canola were crushed in March, up from 922,944 in March 2023.
One analyst said that a stochastic indicator in canola prices is signaling upcoming weakness, but also warned that “a breakout is coming but we don’t know which way.” Another analyst said there is no need for the trade to be “super long” for canola.
About 12,900 contracts have traded at 10:30 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 622.80 unchanged
Jul 637.80 up 0.90
Nov 654.40 up 0.70
Jan 661.00 dn 0.90
