ICE Canola Stays Steady Despite Strength in Comparable Oils

WINNIPEG, Manitoba--The ICE Futures canola market was mostly below unchanged on Friday morning despite continued strong prices in comparable oils.

Malaysian palm oil and Chicago soyoil rallied while crude oil was also higher amidst reports Iran was preparing an attack on Israel. European rapeseed was mostly lower.

The Canadian Grain Commission reported 306,000 tons of canola exported during the week ended Oct. 27 for a cumulative marketing year total of 2.896 million tons, compared to 1.306 million one year ago.

An analyst said there are "a lot of positives" for canola while Chicago soyoil is still cheap compared to Malaysian palm oil. Another analyst warned that canola's rapid pace in terms of exports and biofuel demand cannot continue.

The Canadian dollar was steady compared to Thursday's close.

Daylight Saving Time will end in most of Canada and the U.S. on Sunday morning.

About 22,900 contracts have traded at 10:15 CDT.

 
Prices in Canadian dollars per metric ton: 
 
           Price        Change 
 Jan       649.60       dn 0.80 
 Mar       658.80       dn 0.70 
 May       665.80       dn 0.40 
 Jul       669.00       up 0.10 
 

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

(END) Dow Jones Newswires

11-01-24 1155ET