ICE Midday: Canola barely in the red

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market moved a little to the downside on Friday morning to go with comparable oils showing gains and declines.

Chicago soyoil and Malaysian palm oil were lower at midday, while European rapeseed sharply rose and crude oil was also higher.

An analyst said canola is at an all-time record discount compared to European rapeseed, which now has inverted spreads. However, the analyst noted canola is being weighed down by the Chicago soy complex.

The Canadian Grain Commission reported canola exports for the week ended Dec. 8 at 140,200 tonnes, down from 193,400 the previous week. So far this marketing year, 4.029 million tonnes have been exported to 2.144 million one year ago.

The Canadian dollar is down one quarter of a U.S. cent compared to Thursday’s close.

About 27,000 contracts have traded at 10:10 CST. Prices in Canadian dollars per metric tonne:

Price          Change

Jan 618.30     dn  0.30

Mar 627.00     dn  1.50

May 634.50     dn  0.90

Jul 636.80     dn  1.60