By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was holding within a narrow range Friday morning, in thin and choppy activity as traders await the release of the United States Department of Agriculture’s monthly supply/demand report out later in the day.
Gains in Chicago soyoil provided underlying support to canola, although European rapeseed and Malaysian palm oil were both weaker overnight.
Hot temperatures are forecast across much of Western Canada through the weekend, with chances of localized thunderstorm activity.
Canada exported 237,700 tonnes of canola during the week ended July 7, bringing the 2023/24 crop year-to-date total to 6.52 million tonnes. That compares with 7.76 million tonnes exported by the same point the previous year.
About 6,700 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Canola Nov 621.00 dn 1.20
Jan 630.40 dn 0.70
Mar 639.10 up 0.30
May 643.00 dn 2.10
