ICE Canola Midday: Oilseed on the rise
Comparable oils mixed
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were higher late Friday morning, reaping support from gains in most comparable oils.
That included upticks in Malaysian palm oil and European rapeseed, but Chicago soyoil was to the downside. However, Chicago soybeans and soymeal were stronger. Meanwhile, modest declines in crude oil weighed on vegetable oil values.
Canada’s tightening canola supply situation underpinned the oilseed’s futures. The Canadian Grain Commission reported year-to-date canola exports reached 5.67 million tonnes, about 87 per cent ahead of those this time last year, and domestic use of 6.19 million tonnes was almost 11 per cent up from a year ago.
The threat of United States tariffs continued to loom over the markets, with President Donald Trump announcing plans for reciprocal tariffs.
Brooke Rollins was sworn-in as the new U.S. Secretary of Agriculture, which might spur action on biofuel tax credits, that could affect Canada’s canola oil exports to the U.S.
The Canadian dollar was stronger at mid-session Friday due to weakness in the U.S dollar. The loonie improved to 70.58 U.S. cents compared to Thursday close of 70.21.
Approximately 44,800 canola contracts were traded as of 10:40 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 662.60 up 4.00 May 675.20 up 7.60 Jul 679.50 up 7.30 Nov 654.00 up 6.80
