By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures remained on the upswing Friday morning, with the May contract hovering around the psychological level of C$600 per tonne.
As well, the May continued to exceed its 20-day moving average but still had some distance to reach its other major technical levels.
The vegetable oils lent support to canola, with sharp increases in Malaysian palm oil and much more modest upticks in Chicago soyoil and European rapeseed. Declines in Chicago soybeans and soymeal were trying to cap the gains. Slightly higher crude oil provided a little bit of spillover to the veg oils.
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The Canadian Grain Commission reported producer deliveries of canola were more than 400,000 tonnes for the week ended March 23. Exports fell back to about 114,000 tonnes and domestic use improved to over 238,000 tonnes.
The Canadian dollar nudged up on Friday morning, with the loonie at 69.96 U.S. cents, compared to Thursday’s close of 69.89.
Approximately 10,000 contracts were traded by 8:38 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola May 600.10 up 0.70 Jul 607.50 up 2.10 Nov 603.60 up 2.90 Jan 611.80 up 3.00
