WINNIPEG, Manitoba--The ICE Futures canola market started Friday's session sharply lower but managed to recover as the day progressed to settle with small gains.

While losses in Chicago soybean futures put some pressure on values, soyoil posted solid advances and Malaysian palm oil neared contract highs.

Talk of export demand coming forward at the lows was also supportive. However, weekly Canadian canola exports were soft at only 34,600 tons, according to Canadian Grain Commission data.

That took the crop year-to-date total to 2.72 million tons, which compares with 4.11 million at the same point the previous year.

Farmers were still thought to be sitting on large amounts of unpriced canola which was limiting the advances. A total of 7.80 million tons of canola was delivered into the commercial pipeline through 25 weeks of the marketing year, which compares with 9.59 million tons in 2022/23.

There were an estimated 37,230 contracts traded on Friday, which compares with Thursday when 34,614 contracts traded.

Spreading accounted for 24,550 of the contracts traded. 


 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola      Price           Change 
 Mar        624.20          up 1.10 
 May        629.40          up 1.00 
 Jul        633.00          up 0.80 
 Nov        631.30          up 1.00 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Mar/May         4.60 under to 6.00 under        7,612 
Mar/Jul         8.00 under to 9.60 under        1,204 
Mar/Nov         6.50 under to 7.80 under           64 
May/Jul         3.00 under to 4.00 under        2,945 
May/Nov         1.50 under to 1.70 under            2 
Jul/Nov         2.10 over to 1.50 over            443 
Nov/Jan         4.80 under                          5

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


(END) Dow Jones Newswires

01-26-24 1531ET