WINNIPEG, Manitoba--ICE canola futures were stronger Friday morning, taking back Thursday's losses as values remained stuck chopping around in a sideways trading pattern just below nearby highs.
The U.S. and Iran continued to trade attacks Friday, with the escalating conflict in the Middle East underpinning crude oil and world vegetable oil markets.
Chicago soyoil was up sharply in early trade, while European rapeseed futures were also stronger. However, Malaysian palm oil was slightly softer.
Canada exported 305,100 metric tons of canola during the week ended July 12, the Canadian Grain Commission reported. That was up sharply from the 52,500 metric tons exported the previous week, taking the crop-year-to-date total to 8.56 million metric tons. That compares with 9.23 million metric tons by the same point the previous year.
Production uncertainty and the need to keep a weather premium in the market remained supportive for canola.
