By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures shed overnight losses Friday morning, turning higher with support from other vegetable oils.
As modest increases in global crude oil prices spilled over into the veg oils, there were upticks in Chicago soyoil, Malaysian palm oil, and European rapeseed. But pressure on canola came from losses in Chicago soybeans and soymeal.
Today’s weather forecast has called for rain over southern parts of Alberta and Manitoba, while Saskatchewan is expected to remain dry.
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The July canola contract was near its 20-day and 100-day moving averages but remained above the 50-day.
Canola crush margins edged up a little with the old crop positions climbing to C$147 to C$152 per tonne above the futures, as the new crop November positions rose to C$135 to C$140.
The Canadian dollar pushed upward on Friday morning, with the loonie rising to 73.15 U.S. cents compared to Thursday’s close of 73.05.
Today will be the last trading day for May options and Tuesday is first notice day.
Approximately 5,150 contracts had traded by 8:36 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola May 625.80 up 3.00 Jul 638.50 up 1.60 Nov 655.30 up 1.60 Jan 662.90 up 1.00
