By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher on Friday morning in choppy trading.
Declines in global crude oil prices weighed on vegetable oil values. In turn, Chicago soyoil and European rapeseed were lower, putting pressure on canola. Support for the Canadian oilseed came from increases in Chicago soybeans and soymeal, as well as Malaysian palm oil.
The Prairie weather forecast has called for dry conditions across most of the region. Temperatures are to range from the single digits Celsius in Manitoba to the upper teens in Alberta
The influx of canola into the commercial pipeline increased to more than 1.43 million tonnes, up 15.6 per cent as of Oct. 9, according to the Canadian Grain Commission’s weekly report.
The Canadian dollar was slightly higher on Friday morning as the loonie bumped up to 72.59, compared to Thursday’s close of 72.43.
About 3,800 contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change
Canola Nov 871.90 up 1.50
Jan 878.50 up 0.70
Mar 885.00 up 0.70
May 886.50 up 0.60
