ICE Canola Rallying to End Week

WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Friday, seeing some follow-through buying after Thursday's gains as traders adjusted positions ahead of the long weekend.

The canola market will be closed Monday for Louis Riel Day, while markets in the U.S. will be closed for Presidents Day.

Strength in Malaysian palm oil and European rapeseed futures provided spillover support for canola, with Chicago soybeans also up on the day. However, losses in soyoil did temper the gains in canola to some extent.

Weekly Canadian canola exports of 181,800 tonnes during the week ended Feb. 12 were down by 13% from the previous week, although crop-year-to-date exports of 4.69 million tonnes remain well ahead of the 3.60 million moved by the same point the previous year.

About 16,700 canola contracts traded as of 11:34 a.m. ET.

Prices in Canadian dollars per metric tonne at 11:34 a.m. ET:

 
Canola   Price  Change 
Mar      830.40 up 6.90 
May      824.30 up 6.10 
Jul      821.50 up 5.70 
Nov      803.20 up 4.60 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

02-17-23 1201ET