By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was weaker at midday Friday, as bearish technical signals and a lack of significant end user demand continued to weigh on values.
The United States Department of Agriculture releases its monthly supply/demand estimates at 11:00 CST with any surprises in the data likely to influence where values move by the close.
The Chicago soy complex was holding near unchanged ahead of the report, with a slightly firmer tone in soyoil. Gains in crude oil and Malaysian palm oil provided some underlying support for canola, while European rapeseed was lower.
Canada exported 147,500 tonnes of canola during the week ended Jan. 7, which was well above what moved during the previous two-week holiday period. However, crop year-to-date exports of 2.6 million tonnes were about a million tonnes behind the 2022/23 pace.
An estimated 12,800 canola contracts traded as of 10:16 CST.
Prices in Canadian dollars per metric tonne at 10:16 CST:
Canola Mar 618.70 dn 4.00
May 626.30 dn 3.70
Jul 631.70 dn 3.70
Nov 629.60 dn 4.30
