Glacier FarmMedia – Canola futures on the Intercontinental Exchange extended their rally on Friday.
An analyst said if the January contract can stay above C$650 per tonne throughout the entire session, it would begin to establish a “base of resistance”. However, he also believes the contract to be slightly overbought.
The Canadian Grain Commission reported canola exports for the week ended Nov. 9 were 121,200 tonnes, down from the previous week’s 188,400. The year-to-date total reached 1.54 million tonnes, compared to 3.36 million the same time last year.
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By Glen Hallick Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures dipped Friday morning, moving away from nearby resistance…
Chicago soyoil was up, European rapeseed was down and Malaysian palm oil was mixed. Crude oil jumped by more than US$1 per barrel after Ukrainian drones struck a major Russian oil depot last night.
The Canadian dollar was steady compared to Thursday’s close.
The United States Department of Agriculture will release its November supply and demand estimates at 11 a.m. CST after its October report was cancelled due to the U.S. government shutdown.
About 23,300 canola contracts have traded at 10:12 CST. Prices in Canadian dollars per metric tonne:
Price Change
Jan 654.50 up 3.60
Mar 665.40 up 3.80
May 673.70 up 3.40
Jul 678.30 up 3.00
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
