By Glen Hallick, MarketsFarm
WINNIPEG, April 22 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger on Friday morning, gleaning support from other edible oils.
There were gains in Chicago soybeans and soyoil, while soymeal was lower. Additional spillover came from strong upticks in European rapeseed and Malaysian palm oil.
However, global crude oil prices were pushing lower, which put pressure on edible oil values.
Positioning ahead of the planting intentions report from Statistics Canada on Tuesday will be a feature in trading today. About 22.5 million acres of canola were planted last year, and indications lean towards less of the oilseed being sown this year.
The Canadian dollar was weaker Friday morning, with the loonie falling to 78.84 U.S. cents, compared to Thursday’s close of 79.81.
About 6,400 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola May 1,190.20 up 11.20
Jul 1,173.30 up 14.50
Nov 1,076.10 up 11.50
Jan 1,076.80 up 10.00
