WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Friday, finding spillover support from Chicago soyoil as traders adjust positions ahead of the U.S. Department of Agriculture's monthly supply/demand report.
The monthly data will include the agency's first balance sheets for the 2024/25 crop, with updates to South American production estimates also anticipated. Any surprises in the data could sway the futures by the close.
European rapeseed was also stronger, while Malaysian palm oil posted small losses.
Recent rains across Western Canada helped improve moisture conditions in many areas, tempering the upside in canola.
An estimated 19,000 canola contracts traded as of 11:29 a.m. EDT.
Prices in Canadian dollars per metric ton at 11:29 a.m. EDT:
Price Change
Canola Jul 660.20 up 8.90
Nov 676.90 up 5.80
Jan 683.50 up 6.10
Mar 687.10 up 6.60
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-10-24 1153ET
