By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 3 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger at midday Friday, due to good gains in the Chicago soy complex and European rapeseed, while Malaysian palm oil nudged a little higher.
Support for edible oils was coming from increases in global crude oil prices.
A trader said the production report from Statistics Canada released this morning had “maybe a little bit” of an effect on canola futures. He noted that product values were up $12 to $13, pretty much the same for canola.
Read Also
Canadian Financial Close: Loonie, crude oil rise higher
Glacier FarmMedia – The Canadian dollar maintained its positive momentum on Monday, aided by gains in crude oil and despite a…
Statistics Canada reduced its call on canola production from the 12.8 million tonnes the federal agency forecast in September, to 12.6 million.
The Canadian Grain Commission (CGC) reported for the week ending Nov. 28, producer deliveries of canola improved 21 per cent over the previous week at 398,700 tonnes. Canola exports rose seven per cent at 226,300 tonnes and domestic usage was up 2.5 per cent at 193,500 tonnes.
The Canadian dollar was virtually unchanged, with the loonie at 78.05 U.S. cents compared to Thursday’s close of 78.03.
Approximately 8,950 canola contracts were traded as of 10:28 CST.
Prices in Canadian dollars per metric tonne at 10:28 CST:
Price Change
Canola Jan 1,031.50 up 8.90
Mar 997.20 up 12.10
May 955.50 up 14.00
Jul 904.80 up 13.30
