ICE Canola Narrowly Mixed in Choppy Early Trade

WINNIPEG, Manitoba--The ICE Futures canola market was holding within a narrow range Friday morning, in thin and choppy activity as traders await the release of the U.S. Department of Agriculture's monthly supply/demand report out later in the day.

Gains in Chicago soyoil provided underlying support to canola, although European rapeseed and Malaysian palm oil were both weaker overnight.

Hot temperatures are forecast across much of Western Canada through the weekend, with chances of localized thunderstorm activity.

Canada exported 237,700 metric tons of canola during the week ended July 7, bringing the 2023/24 crop year-to-date total to 6.52 million metric tons. That compares with 7.76 million metric tons exported by the same point the previous year.

About 6,700 canola contracts had traded as of 9:44 a.m. EDT.

Prices in Canadian dollars per metric ton at 9:44 a.m. EDT:

 
                        Price      Change 
Canola            Nov   621.00    dn  1.20 
                  Jan   630.40    dn  0.70 
                  Mar   639.10    up  0.30 
                  May   643.00    dn  2.10 
 
 

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

(END) Dow Jones Newswires

07-12-24 1009ET