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ICE canola rising with outside markets Friday morning

| 1 min read

By Phil Franz-Warkentin

 

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger Friday morning, touching fresh two-and-a-half month highs as gains in outside markets provided spillover support.

Malaysian palm oil jumped to fresh contract highs overnight, while European rapeseed and Chicago soyoil were also stronger.

Canadian canola exports continue to move at a brisk pace, with 306,000 tonnes shipped during the week ended Oct. 27, according to the latest Canadian Grain Commission report. That was up by 21 per cent from the previous week, with year-to-date exports of 2.9 million tonnes well ahead of the 1.3 million tonnes exported through the first 12 weeks of the previous marketing year.

About 13,600 canola contracts had traded as of 8:39 CDT.

 

Prices in Canadian dollars per metric ton at 8:39 CDT:

 

Canola            Nov   642.00    up  6.30

Jan   654.30    up  3.90

Mar   664.30    up  4.80

May   671.60    up  5.40