WINNIPEG, Manitoba--The ICE Futures canola market was mostly lower on Friday 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 lower.

The Canadian Grain Commission reported 306,000 tonnes of canola exported during the week ended Oct. 27 for a cumulative marketing year total of 2.896 million tonnes, 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 for much longer.

At midafternoon, the Canadian dollar was down one-tenth of a U.S. cent compared to Thursday's close.

There were 47,842 canola contracts traded on Friday, which compares with Thursday when 60,644 contracts changed hands. Spreading accounted for 23,098 of the contracts traded. Settlement prices are in Canadian dollars per metric tonne. 


Canola    Price    Change 
Jan       645.90   dn 4.50 
Mar       656.50   dn 3.00 
May       663.70   dn 2.50 
Jul       667.20   dn 1.70

Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 


Months      Prices                            Volume 
Nov/Jan     13.40 under                           23 
Jan/Mar      8.50 under to 11.00 under         6,316 
Jan/May     14.50 under to 18.70 under           193 
Mar/May      5.80 under to 7.70 under          3,733 
Mar/Jul      9.10 under to 11.80 under            85 
May/Jul      2.00 under to 4.40 under            640 
Jul/Nov     30.00 over to 26.50 over             550 
Nov/Jan      2.30 over to 1.80 over                9

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

11-01-24 1533ET