ICE canola up ahead of USDA report

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger at midday Friday, finding spillover support from Chicago soyoil as traders adjust positions ahead of the United States Department of Agriculture’s monthly supply/demand report.

The monthly data will include the agency’s first balance sheets for the 2024/25 crop, with updates to South American production estimates also anticipated. Any surprises in the data could sway the futures by the close.

European rapeseed was also stronger, while Malaysian palm oil posted small losses.

Recent rains across Western Canada helped improve moisture conditions in many areas, tempering the upside in canola.

An estimated 19,000 canola contracts traded as of 10:29 CDT.

Prices in Canadian dollars per metric tonne at 10:29 CDT:

Canola            Jul   660.20    up  8.90

Nov   676.90    up  5.80

Jan   683.50    up  6.10

Mar   687.10    up  6.60