By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 9 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Friday morning, gleaning support from comparable oils.
Upticks from the Chicago soy complex and Malaysian palm oil were spilling over into the Canadian oilseed, while modest losses in European rapeseed weighed on values. Increases in global crude oil prices were also supportive of vegetable oils.
The Prairies are getting a taste of fall with highs today to be in the teens to low 20 degrees Celsius.
Saskatchewan reported yesterday that 42 per cent of its crops province-wide have been harvested. Alberta is scheduled to release its report later today.
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At 211,700 tonnes, producer deliveries of canola nearly doubled for the week ended Sept. 4, according to the Canadian Grain Commission. Exports more than quadrupled to 88,300 tonnes and domestic usage rose sharply to 162,500 tonnes.
The Canadian dollar was stronger on Friday morning, as the loonie bumped up to 76.72 U.S. cents, compared to Thursday’s close of 76.24.
About 5,650 contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Price Change
Canola Nov 776.70 up 6.90
Jan 784.10 up 6.50
Mar 789.90 up 5.60
May 791.00 up 4.80
