ICE canola rising Friday morning

Glacier FarmMedia | MarketsFarm — ICE canola futures were stronger Friday morning, touching fresh highs as Chicago soyoil resumed its uptrend after yesterday’s Juneteenth holiday in the United States.

Tight old crop supplies and weather uncertainty for the new crop remained supportive. European rapeseed and Malaysian palm oil were both higher on the day.

Weekly canola exports reported by the Canadian Grain Commission of 131,400 tonnes were down 17 per cent on the week. However, crop year-to-date movement at 8.8 million tonnes compares with only 5.7 million tonnes at the same point the previous year.

While some technical signals are looking overbought, speculators are still holding large net long positions in canola.

About 19,900 canola contracts had traded as of 8:45 CDT.

Prices in Canadian dollars per metric ton at 8:45 CDT:

Canola            Jul   750.50    up  5.20

Nov   748.70    up  4.70

Jan   756.70    up  4.40

Mar   759.80    up  1.90