ICE canola turning higher at midday Friday

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was turning higher at midday Friday, recovering from earlier losses in choppy trade.

An overnight rally to fresh contract highs in Malaysian palm oil provided underlying support, with European rapeseed also up on the day. However, Chicago soyoil was slightly lower, seeing a modest profit-taking correction after recent gains.

The United States Department of Agriculture releases its monthly supply/demand estimates later in the day, with any surprises in the data likely to set the tone heading into the close.

The canola market will be closed Monday for Remembrance Day, with pre-weekend positioning a feature of the trade.

Canada exported 204,100 tonnes of canola during the week ended Nov. 3, taking the crop year-to-date total to 3.1 million tonnes, according to the latest Canadian Grain Commission data. That compares with only 1.6 million tonnes by the same point the previous year.

An estimated 33,500 canola contracts traded as of 10:35 CST.

Prices in Canadian dollars per metric tonne at 10:35 CST:

Canola            Jan   661.30    up  1.50

Mar   674.00    up  1.60

May   682.60    up  1.20

Jul   686.40    up  0.50