WINNIPEG, Manitoba--The ICE Futures canola market was sharply higher on Friday, taking back most of the losses posted the previous two sessions as a rally in Chicago soyoil provided spillover support.

Monthly supply/demand estimates from the United States Department of Agriculture included the agency's first balance sheets for the 2024/25 crop, with updates to South American production estimates also released. While the numbers were somewhat bearish for soybeans, prices still moved higher with soyoil leading beans higher on talk that the U.S. government was considering raising import duties on used cooking oil from China. If the tariffs are raised, that would drive more demand towards soyoil for making biofuel.

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.

There were an estimated 50,000 contracts traded on Friday, which compares with Thursday when 58,778 contracts traded.

Spreading accounted for 25,212 of the contracts traded. 


 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola     Price         Change 
 Jul       663.60        up 12.30 
 Nov       681.60        up 10.50 
 Jan       687.70        up 10.30 
 Mar       691.70        up 11.20 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Jul/Nov       16.10 under to 20.20 under         10,096 
Jul/Jan       22.20 under to 26.10 under            142 
Nov/Jan        5.70 under to 6.90 under           1,598 
Nov/Mar        8.70 under to 10.70 under            155 
Jan/Mar        2.50 under to 4.50 under             569 
Mar/May        2.00 over to 1.30 over                17 
Mar/Jul        6.70 over                             11 
May/Jul        5.00 over                             18

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


(END) Dow Jones Newswires

05-10-24 1549ET