By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 23 (MarketsFarm) – The ICE Futures canola market was stronger at midday Friday, taking some direction from Chicago Board of Trade soyoil.
European rapeseed and Malaysian palm oil futures both set fresh contract highs overnight, lending some support to the North American oilseed markets as well.
A weaker tone in the Canadian dollar was also supportive for canola.
However, seasonal harvest pressure tempered the advances despite the small size of the Canadian crop. Ideas that canola remains overpriced also limited the upside.
Weekly data from the Canadian Grain Commission showed total canola exports through the first seven weeks of the 2021/22 crop year of 387,900 tonnes running nearly a million tonnes behind the previous year’s pace.
About 11,500 canola contracts traded as of 10:52 CDT.
Prices in Canadian dollars per metric tonne at 10:52 CDT:
Canola Nov 882.10 up 5.20
Jan 873.10 up 4.70
Mar 864.80 up 5.90
May 848.30 up 6.30