By Glen Hallick, MarketsFarm
WINNIPEG, May 20 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures turned higher on Friday morning, after pushing lower during the overnight session.
Upticks in the Chicago soy complex, combined with gains in European rapeseed and Malaysian palm oil, lent support to canola. Global crude oil prices were virtually unchanged, providing no direction to vegetable oils.
As continues to be the case, dry conditions on much of the western half of the Prairies have helped planting progress, but crops are in need of moisture. On the eastern half, thoroughly-soaked fields have restricted how much farmers can seed so far this spring.
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The Canadian Grain Commission reported producer deliveries of canola for the week ended May 15 of 106,800 tonnes were down nearly 41 per cent from the previous week. Canola exports increased 36 per cent at 151,300 tonnes, while domestic usage fell back more than 20 per cent at 123,500 tonnes.
The Canadian dollar was slightly higher on Friday morning with the loonie at 78.16 U.S. cents, compared to Thursday’s close of 78.07.
About 6,000 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change
Canola Jul 1,156.20 up 6.20
Nov 1,052.10 up 4.20
Jan 1,059.10 up 6.40
Mar 1,058.00 up 5.20
