The ICE Futures canola market was posting gains Friday morning amid ideas Thursday’s selloff was overdone.
Strength in the Chicago soy complex provided spillover support to the Canadian oilseed, with European rapeseed also higher on the day. However, Malaysian palm oil was weaker overnight as activity resumed in that market after a two-day holiday.
Weakness in the Canadian dollar contributed to the firmer tone in canola, as the softer currency underpins crush margins and makes exports more attractive to global buyers. Canada exported 162,800 tonnes of canola during the week ended April 7, which was roughly four times what moved the previous week, according to Canadian Grain Commission data. However, year-to-date canola exports of 4.24 million tonnes were 32 per cent behind what moved during the same time in 2022/23.
About 22,200 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Canola May 634.70 up 10.40
Jul 646.00 up 10.30
Nov 655.70 up 10.40
Jan 662.20 up 10.30
