ICE canola hits one-month highs Friday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger Friday morning, hitting its highest levels in over a month as rallies in crude oil and Chicago soyoil provided spillover support.

European rapeseed and Malaysian palm oil futures were also stronger on the day.

The United States Department of Agriculture is set to release several reports later in the day, including monthly supply/demand estimates, with any surprises in the data likely to set the tone in the grains and oilseeds for the remainder of the session.

Tightening supply projections and the need to ration demand remained supportive from a fundamental standpoint.

Canada exported 189,700 tonnes of canola during the week ended Jan. 5, which was up 37 per cent from the previous week. Crop-year-to-date canola exports at 4.7 million tonnes compare with only 2.5 million at the same point in 2023/24.

About 20,900 canola contracts had traded as of 8:41 CST.

Prices in Canadian dollars per metric ton at 8:41 CST:

Canola            Mar   633.30    up  8.40

May   640.80    up  8.90

Jul   644.50    up  9.20

Nov   622.50    up  8.80