ICE canola holding onto gains at midday Friday
By Phil Franz-Warkentin
Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger at midday Friday, seeing a continuation of Thursday’s rally.
Speculative positioning ahead of the weekend and end-user bargain hunting provided some support. Gains in European rapeseed also underpinned canola, although losses in Chicago soybeans and soyoil tempered the upside for the Canadian oilseed.
The Canadian Grain Commission reported weekly canola exports of 384,800 tonnes during the week ended Oct. 13, which was more than double what moved the previous week. Year-to-date shipments at 2.34 million tonnes compare with only 872,900 tonnes at the same time in 2023/24.
Producer deliveries into the commercial pipeline were up by 5.6 per cent from the previous week, at 500,400 tonnes.
An estimated 32,300 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Canola Nov 616.20 up 2.90
Jan 624.90 up 2.50
Mar 635.20 up 1.90
May 642.60 up 1.80