Canola futures were narrowly mixed at Friday’s close, with small gains in the front months and losses in the new-crop contracts.
A rally in Malaysian palm oil provided some spillover support, while losses in the Chicago soy complex weighed on the other side. Wide crush margins and solid end user demand remained supportive, with oversold price sentiment contributing to the advances in the old crop contracts.
Canada exported 174,700 tonnes of canola during the week ended Jan. 22, which was down from the 227,300 tonnes moved the previous week. However, year-to-date exports of 4.11 million tonnes continue to run well ahead of the previous year’s pace of 3.27 million.
March canola was up $1.60 at $807.70, May gained 40 cents to $807.50, July was 20 cents higher at $809.70, and new-crop November eased 70 cents to $793.80.
