ICE canola stronger Friday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger Friday morning, as chart-based positioning and gains in outside markets provided support.

Malaysian palm oil, European rapeseed and Chicago soyoil futures were all higher on the day.

The November canola contract was trading above its 100-day moving average, bringing in additional speculative short covering. However, farmer selling was thought to be coming forward at the highs, tempering the gains.

The United States Department of Agriculture releases its monthly supply/demand report later in the day, with any surprises in the data likely to sway the agricultural futures. Canadian markets will be closed Monday for Thanksgiving, and position evening ahead of the weekend was also expected to account for some of Friday’s trade.

Canada exported 160,500 tonnes of canola during the week ended Oct. 6, according to the latest Canadian Grain Commission data. The movement was up from the 86,700 tonnes exported the previous week, with year-to-date exports at 1.951 million tonnes up by 167 per cent compared to what moved the same time in 023-24.

About 21,300 canola contracts had traded as of 8:54 CDT.

Prices in Canadian dollars per metric ton at 8:54 CDT:

Canola            Nov   621.90    up 10.00

Jan   635.20    up 10.20

Mar   647.30    up  9.90

May   655.20    up  9.30