By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 17 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher Friday morning, due to a weaker Canadian dollar while support from comparable oils was mixed.
Faced with a stronger United States dollar and sharp declines in crude oil prices, the loonie fell back to 74.12 U.S. cents compared to Thursday’s close of 74.41.
While there were upticks in Chicago soybeans and soymeal, soyoil was stepping back. But gains in European rapeseed and Malaysian palm oil spilled over into canola.
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Canola crush margins remained on the rise, further underpinning values.
Despite the cold snap for the week ended Feb. 12, the Canadian Grain Commission reported producer deliveries of canola rose 40 per cent at 440,000 tonnes. Domestic usage was up 10 per cent at 206,000 tonnes, but exports slipped 13.6 per cent at 181,800 tonnes.
The markets in Canada and the United States will be closed on Monday for their respective holidays. Trading is scheduled to resume that evening.
About 7,050 contracts had traded as of 8:34 CST.
Prices in Canadian dollars per metric tonne at 8:34 CST:
Price Change Canola Mar 827.90 up 4.40 May 822.10 up 3.90 Jul 819.80 up 4.00 Nov 801.60 up 3.00
