ICE canola continues higher Friday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger Friday morning, seeing a continuation of Thursday’s corrective bounce. Gains in Chicago soyoil as activity resumed in the United States for a holiday-shortened session were also supportive.

U.S. markets were closed for Thanksgiving on Thursday, with many participants keeping to the sidelines on Friday.

Weekly Canadian canola exports of 130,900 tonnes were down by 31 per cent from the previous week in the latest Canadian Grain Commission data. However, year-to-date exports at 3.7 million tonnes compare with only 1.8 million tonnes at the same point the previous year.

Uncertainty over U.S. trade policy when Donald Trump takes office in the New Year remained a bearish influence overhanging the futures.

About 15,800 canola contracts had traded as of 8:35 CST.

Prices in Canadian dollars per metric ton at 8:35 CST:

Canola            Jan   582.10    up 10.80

Mar   594.80    up 10.30

May   605.10    up  9.10

Jul   608.70    up  8.80