By Glen Hallick, MarketsFarm
WINNIPEG, June 24 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were modestly higher on Friday morning, after pushing lower for more than a week.
Support came from increases in the Chicago soy complex and European rapeseed, but Malaysian palm oil was presently lower. Global crude oil prices were climbing, which added strength to vegetable oils.
The series of systems moving across the Prairies continued to bring rain to various parts of the region, and were forecast to do so into the weekend.
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The Canadian Grain Commission reported canola exports for Week 46 of the 2021/22 marketing year came to 94,200 tonnes, up from last week’s 65,500. Producer deliveries were higher as well, at 199,100 tonnes versus 191,600. Domestic usage stepped back to 210,800 tonnes compared to 222,400 the previous week.
The Canadian dollar was a pinch higher on Friday morning as the United States dollar eased back. The loonie bumped up to 77.15 U.S. cents, compared to Thursday’s close of 77.03.
About 18,350 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Jul 881.70 up 1.50
Nov 861.90 up 17.20
Jan 866.70 up 16.20
Mar 872.30 up 17.50
