By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were higher at mid-session Friday, in what a trader called “some routine seasonal rallies.”
He also noted that Malaysian palm oil had a very strong week and “that’s made the beanoil a little too weak,” noting canola has largely been in lockstep with Chicago soyoil.
The trader said the rebound in the oilseeds has begun to hit some resistance, but otherwise the markets were rather quiet.
“We don’t have any really aggressive drivers,” he commented.
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At the Chicago Board of Trade, soyoil was slightly higher while soybeans and soymeal were modestly lower. As Malaysian palm oil was somewhat firm on Friday, European rapeseed was attempting to turn upward. Small declines in global crude oil prices put some pressure on the oilseeds.
The Canadian dollar was lower late Friday morning with the loonie at 73.93 U.S. cents compared to Thursday’s close of 74.01.
Approximately 22,350 canola contracts were traded as of 10:48 CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 626.40 up 3.20 Jul 635.50 up 2.20 Nov 643.00 up 1.40 Jan 650.50 up 1.00
