WINNIPEG–The ICE Futures canola market was trading to both sides of unchanged Friday morning in choppy activity, with losses in the nearby May contract and gains in the more deferred positions.
Declines in Malaysian palm oil and European rapeseed futures put some pressure on the canola market. Recent strength in the Canadian dollar was also bearish.
However, canola remains attractively priced compared to other oilseeds, which provided underlying support.
Canadian canola exports for the week ended March 13 came in at only 13,300 tonnes, bringing the year-to-date total to 3.89 million tonnes. That compares with 7.55 million at the same point a year ago.
About 2,000 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Canola May 1,126.40 dn 3.80
Jul 1,098.30 up 1.00
Nov 934.90 up 1.90
Jan 933.40 up 1.10