By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 27 (MarketsFarm) – The ICE Futures canola market was posting solid gains Friday morning, seeing a corrective bounce off multi-month lows ahead of the weekend.
Gains in the Chicago soy complex provided spillover support, with European rapeseed and Malaysian palm oil futures also up in overnight activity.
Canada exported 218,700 tonnes of canola during the week ended Oct. 22, according to the latest Canadian Grain Commission data. That was up slightly from the previous week and the largest monthly total of the 2023/24 crop year-to-date. However, total exports through 12 weeks of 1.306 million tonnes were down by 11 per cent compared to the same time the previous year.
Domestic disappearance was down slightly on the week, although year-to-date level of 2.416 million tonnes was up by 12.7 per cent.
About 10,500 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Canola Nov 672.50 up 5.60
Jan 688.90 up 6.80
Mar 698.10 up 6.80
May 704.30 up 7.20
