ICE Canola Firm at Midday

WINNIPEG, Manitoba--ICE Futures canola contracts were stronger at midday Friday, as investors squared positions ahead of the weekend.

The March contract was trading just above C$650 per tonne at midsession, after testing that level every day of the past week.

An analyst said it would be supportive from a technical standpoint if the market could hold that price by the close.

The Canadian dollar backed away from the 16-month highs relative to its U.S. counterpart hit Thursday. The softer currency underpins crush margins and makes exports more attractive to international buyers.

Losses in the Chicago soy complex accounted for some spillover selling pressure in canola, tempering the upside. European rapeseed and Malaysian palm oil futures also were lower.

Canada exported 241,100 tonnes of canola during the week ended Jan. 19, which was down 15% from the previous week, reported the Canadian Grain Commission. Crop year-to-date exports of 3.45 million tonnes were 35% behind the year-ago pace.

An estimated 34,700 canola contracts traded as of 12:14 p.m. ET.

Prices in Canadian dollars per metric tonne at 12:14 p.m. ET:

Canola 
           Price      Change 
Mar       650.30     up 1.60 
May       661.20     up 1.60 
Jul       668.80     up 1.70 
Nov       659.40     up 1.90 
 

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

(END) Dow Jones Newswires

01-30-26 1242ET