WINNIPEG, Manitoba--The ICE Futures canola market was stronger Friday morning, hitting its highest levels in more than a month as rallies in crude oil and Chicago soyoil provided spillover support.
European rapeseed and Malaysian palm oil futures also were stronger on the day.
The U.S. Department of Agriculture is set to release several reports later Friday, including monthly supply/demand estimates, with any surprises in the data likely to set the tone in the grains and oilseeds for the remainder of the session.
Tightening supply projections and the need to ration demand remained supportive from a fundamental standpoint.
Canada exported 189,700 tonnes of canola during the week ended Jan. 5, which was up 37% from the previous week.
Crop-year-to-date canola exports at 4.7 million tonnes compared with only 2.5 million at the same point in 2023/24.
About 20,900 canola contracts had traded as of 9:41 a.m. ET.
Prices in Canadian dollars per metric ton at 9:41 a.m. ET:
Canola Price Change Mar 633.30 up 8.40 May 640.80 up 8.90 Jul 644.50 up 9.20 Nov 622.50 up 8.80
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-10-25 1026ET