By Marlo Glass, MarketsFarm
WINNIPEG, March 27 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were slightly stronger on Friday morning, taking direction from Malaysian palm oil, European rapeseed, and soybeans on the Chicago Board of Trade.
Due to the COVID-19 pandemic, Argentina has slowed vessel transit, including soybean shipments. That has provided support to Chicago soy.
Weakness in the Canadian dollar provided some support to canola values. The Canadian dollar was around 70 U.S. cents on Friday morning, which was about a quarter of a cent lower than the previous day. However, the loonie has gained strength in comparison to earlier in the week.
About 3,000 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
                         Price     Change
Canola     May 463.00 up 0.10
Jul 471.80 up 0.30
Nov 480.60 up 0.40
Jan 486.70 up 0.40
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