ICE Midday: Canola inching upward

Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were moderately higher in the middle of Friday trading. The old crop July contract saw the largest increase as it surpassed the psychological level of C$720 per tonne.

Chicago soyoil held firm while Malaysian palm oil was up and European rapeseed was down. Crude oil was slightly higher despite upcoming output hikes by OPEC+ and tariff threats from United States President Donald Trump.

The Canadian Grain Commission reported 178,600 tonnes of canola were exported during the week ended May 18, compared to 130,000 the week before. With 11 weeks left in the 2024-25 marketing year, canola exports totaled 8.189 million tonnes compared to 5.135 million one year earlier.

The Canadian dollar was up nearly six-tenths of a U.S. cent compared to Thursday’s close.

About 16,200 canola contracts have traded at 10:10 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Jul 720.20     up  4.30

Nov 687.10     up  1.30

Jan 693.30     up  1.30

Mar 700.60     up  2.90