ICE Canola Barely in the Red

WINNIPEG, Manitoba--The ICE Futures canola market moved a little to the downside Friday morning to go, with comparable oils showing gains and declines.

Chicago soyoil and Malaysian palm oil were lower at midday, while European rapeseed sharply rose and crude oil was also higher.

An analyst said canola is at an all-time record discount compared with European rapeseed, which now has inverted spreads. However, the analyst noted canola is being weighed down by the Chicago soy complex.

The Canadian Grain Commission reported canola exports for the week ended Dec. 8 at 140,200 metric tons, down from 193,400 the previous week. So far this marketing year, 4.029 million metric tons have been exported, compared with 2.144 million one year ago.

The Canadian dollar is down one quarter of a U.S. cent compared with Thursday's close.

About 27,000 contracts have traded at 10:10 CST. Prices in Canadian dollars per metric ton:

 
           Price      Change 
Jan       618.30     dn 0.30 
Mar       627.00     dn 1.50 
May       634.50     dn 0.90 
Jul       636.80     dn 1.60 
 

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

(END) Dow Jones Newswires

12-13-24 1147ET