ICE canola posting small gains early Friday

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was posting small gains Friday morning, recovering from overnight losses as the market saw some consolidation after climbing higher for most of this week amid shifting tariff news out of the United States.

Chicago soyoil and soybeans were up on the day, while European rapeseed was mixed.

Canada exported 309,700 tonnes of canola during the week ended April 6, which was up 33 per cent from the previous week, according to Canadian Grain Commission data. Crop year-to-date exports at 7.176 million tonnes compare with only 4.072 million tonnes at the same point in 2023/24.

Strength in the Canadian dollar put some pressure on canola, as the currency traded at its highest levels in five months relative to its U.S. counterpart.

About 15,700 canola contracts had traded as of 8:42 CDT.

Prices in Canadian dollars per metric ton at 8:42 CDT:

Canola            May   654.90    up  0.90

Jul   664.20    up  1.40

Nov   639.00    up  0.60

Jan   645.70    up  1.50