By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was mixed at midday Friday, recovering from earlier losses as the market looked to be trying to consolidate ahead of the weekend.
The nearby March contract hit a session low of C$613.40 per tonne in early activity, before uncovering support to trade C$10 above that level by midsession.
Overnight gains in Malaysian palm oil, which was nearing contract highs, and a move higher in Chicago soyoil contributed to the eventual firmness in canola.
Talk of export demand coming forward at the lows was also supportive. Although farmers were still thought to be sitting on large amounts of unpriced canola which was limiting the advances.
An estimated 27,000 canola contracts traded as of 11:01 CST.
Prices in Canadian dollars per metric tonne at 11:01 CST:
Canola Mar 623.60 up 0.50
May 628.60 up 0.20
Jul 631.70 dn 0.50
Nov 630.10 dn 0.20
