By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were higher on Friday morning, following comparable oils to the upside.
Gains in the Chicago soy complex, European rapeseed and Malaysian palm oil spilled over into canola. Notable increases in global crude oil prices underpinned vegetable oils.
The Canadian Grain Commission reported producer deliveries of canola for the week ended Jan. 7 came to 220,400 tonnes, and down from the previous report. Exports were stronger at 147,000 tonnes, but domestic usage of 162,300 tonnes was lower.
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However, frigid temperatures across the Prairies this week have likely slowed canola deliveries.
Canola crush margins were slightly higher, with the nearby positions between C$190 to C$200 per tonne above the futures.
The United States Department of Agriculture is scheduled to publish its monthly supply and demand estimates at 11 CST. Positioning ahead of the report is likely to spill over into canola.
The Canadian dollar was higher on Friday morning with the loonie at 74.84 U.S. cents, compared to Thursday’s close of 74.58.
Approximately 6,850 contracts had traded by 8:38 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 625.70 up 3.00 May 632.80 up 2.80 Jul 638.10 up 2.70 Nov 636.80 up 2.90
