By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 11 (MarketsFarm) – The ICE Futures canola market was stronger at midday Friday, taking some direction from the Chicago Board of Trade soy complex.
Bullish chart signals and a slightly softer tone in the Canadian dollar were also supportive, according to participants.
Weekly export data from the Canadian Grain Commission showed Canada exported 254,500 tonnes of canola during the week ended Dec. 6, taking the crop year-to-date total to 4.49 million tonnes. That’s up by about 1.3 million from the previous year.
Farmer deliveries slowed down slightly on the week, but visible supplies of 1.61 million tonnes in the commercial pipeline were likely keeping a lid on the upside.
About 11,000 canola contracts traded as of 10:44 CST.
Prices in Canadian dollars per metric tonne at 10:44 CST:
Price Change
Canola Jan 591.50 up 4.10
Mar 584.10 up 2.50
May 579.50 up 2.10
Jul 572.60 up 2.30
