By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 24 (MarketsFarm) – The ICE Futures canola market was posting small gains at midday Friday, recovering from earlier losses amid ideas the declines were overdone.
A weaker tone in the Canadian dollar contributed to the move higher in canola, as the softer currency serves to keep crush margins wide.
Solid end user demand was also supportive, with weekly Canadian canola exports of 190,800 tonnes during the week ended Feb. 19 up by five per cent from the previous week. Crop year-to-date canola exports of 4.89 million tonnes were well ahead of the 3.74 million moved by the same point the previous year.
However, losses in Chicago soyoil tempered the upside in canola. European rapeseed and Malaysian palm oil futures were also down on the day.
About 16,100 canola contracts traded as of 10:33 CST.
Prices in Canadian dollars per metric tonne at 10:33 CST:
Canola Mar 834.00 up 1.50
May 823.30 up 0.60
Jul 820.80 up 0.40
Nov 801.00 up 1.80
