ICE canola inches upward

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market showed small gains on Friday morning, supported by export demand while negative sentiment in the vegetable oils tempered the increases.

Canola prices are being supported by provincial crop reports and farmers saying average canola yields are well below Statistics Canada’s projections, adding that actual production may be closer to 18 million tonnes. The Canadian Grain Commission reported yesterday that 253,000 tonnes of canola were exported during the week ended Oct. 20. Cumulative exports total 2.59 million tonnes, compared to 1.088 million one year ago.

Chicago soyoil and Malaysian palm oil were both in the red while European rapeseed was mostly lower. However, crude oil propped up canola prices, gaining US$1 per barrel.

The Canadian dollar was steady compared to Thursday’s close.

Approximately 11,100 contracts were traded. Prices in Canadian dollars per metric ton as of 8:40 CDT:

Nov.  640.40  up  1.80

Jan.  654.80  up  1.80

Mar.  664.10  up  1.50

May   669.00  up  1.10