ICE canola stronger Friday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger Friday morning, although activity was choppy and rangebound as participants squared positions ahead of United States tariffs set to come into effect next week.

The May contract was trading near its 20-day moving average, after falling below the key chart level on Thursday.

Chicago soyoil was holding near unchanged in early trade, while Malaysian palm oil was up in overnight activity. Losses in European rapeseed put some pressure on values.

Canada exported 174,900 tonnes of canola during the week ended Feb. 23, which was in line with what moved the previous week, reported the Canadian Grain Commission. Crop year-to-date exports at just over six million tonnes are nearly double the 2023/24 pace and seen confirming ideas that the market needs to ration demand going forward.

About 6,500 canola contracts had traded as of 8:37 CST.

Prices in Canadian dollars per metric ton at 8:37 CST:

Canola            Mar   646.10    up  3.90

May   661.50    up  3.40

Jul   668.10    up  3.20

Nov   650.90    up  1.90