WINNIPEG, Manitoba--Canola futures were struggling to hang on to their gains on the Intercontinental Exchange in choppy trading late Friday morning. This was despite support from increases in the Chicago soy complex and MATIF rapeseed.
While Malaysian palm oil closed lower on Friday, a strong upswing in crude oil spilled over into the other vegetable oils.
A positive outlook toward last week's Canada-China deal on tariffs continued to underpin canola.
The March canola contract stayed above most of its moving averages, lagging its 200-day average by about C$20.
Canola crush margins eased back with the March position just short of C$210 per metric ton above the futures.
Canola exports for the week ended Jan. 18 of 288,200 metric tons were more than double from the previous week, the Canadian Grain Commission reported. That brought the year-to-date to 3.21 million metric tons compared to 5.59 million a year ago.
The CGC said the domestic crush fell back to 193,000 metric tons, with the cumulative total of 5.58 million metric tons virtually on par with the same time last year.
The Canadian dollar was strong Friday morning, with the loonie at 72.82 U.S. cents compared with Thursday's close of 72.47.
Approximately 37,400 canola contracts were traded as of 11:45 am EST, with prices in Canadian dollars per metric ton:
Price Change
Mar 648.40 up 1.20
May 659.10 up 1.30
Jul 665.90 up 1.30
Nov 657.50 up 1.30
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-23-26 1210ET
