By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 26 (MarketsFarm) – The ICE Futures canola market was stronger Friday morning, seeing a modest recovery amid ideas recent losses were overdone.
Gains in Chicago soyoil provided spillover support, with European rapeseed and Malaysian palm oil also up overnight.
Canada exported 128,600 tonnes of canola during the week ended May 21, bringing the crop-year-to-date total to just over seven million tonnes. The exports through 42 weeks are up by 52 per cent from the same point the previous year.
Good seeding progress across the Prairies and improving moisture conditions in some areas accounted for some selling pressure, with recent losses also bearish from a chart standpoint.
Markets in the United States will be closed Monday for Memorial Day, while the ICE canola futures will trade their usual hours.
About 6,600 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Canola Jul 691.70 up 5.50
Nov 660.20 up 5.20
Jan 662.80 up 4.30
Mar 667.20 up 3.50
