ICE canola strengthens at midday Friday

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger at midday Friday, underpinned by supportive technical signals and the need to ration demand.

Weekly Canadian canola exports of 184,500 tonnes were up eight per cent from the previous week, with 2024/25 year-to-date exports of 7.9 million tonnes. That’s well ahead of the 4.6 million tonnes exported by the same time the previous year, according to Canadian Grain Commission data. The exports have already surpassed Agriculture and Agri-Food Canada’s target for the crop year of 7.5 million tonnes.

Gains in the Chicago soy complex provided spillover support, although European rapeseed was softer on the day.

An estimated 23,000 canola contracts traded as of 11:06 CDT.

Prices in Canadian dollars per metric tonne at 11:06 CDT:

Canola            Jul   709.00    up  8.10

Nov   669.10    up  6.60

Jan   676.60    up  6.30

Mar   682.80    up  5.60