WINNIPEG, Manitoba--Intercontinental Exchange canola futures turned around to close higher on Friday after losing earlier gains this morning.

Ongoing ideas of Canada's canola crop likely to be well short of Statistics Canada's estimate of 18.98 million tonnes continued to underpin the market. A number of projections put canola production at 18 million to 18.5 million tonnes. StatCan is scheduled to release its next crop report in December.

Although increases in crude oil were supportive of the vegetable oils, the Chicago soy complex, Malaysian palm oil and European rapeseed stepped back today.

Despite canola exports for the week ended Oct. 20 coming in lower than a week ago at 253,000 tonnes, the Canadian Grain Commission reported year-to-date exports of 2.59 million tonnes.

That's more than twice the amount shipped overseas this time last year.

The January canola contract remained well below its major moving averages. Canola crush margins were higher with the January position rising to more than C$100 per tonne above the futures.

The Canadian dollar retreated to 72.04 U.S. cents on Friday afternoon, compared to Thursday's close of 72.23.

There were 54,656 contracts traded on Friday, compared to 48,092 on Thursday. Spreading accounted for 30,602 contracts traded. Prices are in Canadian dollars per metric tonne: 


Canola 
      Price    Change 
Nov   641.40   up 2.80 
Jan   654.90   up 1.90 
Mar   663.60   up 1.00 
May   668.70   up 0.80

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


Months     Prices                               Volume 
Nov/Jan    13.20 under to 14.40 under            4,222 
Nov/Mar    22.40 under to 25.30 under               82 
Nov/May    27.20 under to 30.50 under              179 
Jan/Mar     8.50 under to 10.90 under            6,270 
Jan/May    13.50 under to 15.50 under              113 
Mar/May     4.80 under to 6.10 under             3,552 
Mar/Jul     6.50 under to 8.00 under               159 
May/Jul     1.00 under to 2.40 under               416 
Jul/Nov    29.70 over to 26.90 over                307 
Nov/Jan     6.90 over                                1

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


(END) Dow Jones Newswires

10-25-24 1541ET