ICE Canola Continues Higher at Midday

WINNIPEG, Manitoba--The ICE Futures canola market was stronger midday Friday, seeing a continued recovery off nearby lows to end the week.

Wide crush margins and ideas the canola market was looking oversold after its recent selloff contributed to the gains.

A rally in Malaysian palm oil provided some spillover support, although Chicago soyoil futures were still softer at midday.

Canada exported 174,700 metric tons of canola during the week ended Jan. 22, which was down from the 227,300 metric tons moved the previous week. However, year-to-date exports of 4.11 million metric tons continue to run well ahead of the previous year's pace of 3.27 million.

Farmers delivered 502,900 metric tons of canola into the commercial pipeline during the week, which was only down by 2,000 metric tons from the previous week.

About 16,100 canola contracts traded as of 11:52 a.m. ET.

Prices in Canadian dollars per metric ton at 11:52 a.m. ET:

 
Canola     Mar  811.20  up 5.10 
           May  811.40  up 4.30 
           Jul  813.80  up 4.30 
           Nov  798.80  up 4.30 
 
 

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

(END) Dow Jones Newswires

01-27-23 1221ET