By Glen Hallick, MarketsFarm
WINNIPEG, April 8 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were climbing higher on Friday morning, getting good support from comparable oils.
Ahead of the supply and demand estimates from the United States Department of Agriculture at 11 am CDT, the Chicago soy complex was on the rise. European rapeseed and Malaysian palm oil were also on the upswing.
Global crude oil prices were steady to higher, providing some support to edible oils.
While canola exports for the week ended April 3 improved from the paltry 800 tonnes last week, they came in at a still low 36,000 tonnes. That bumped up the year-to-date canola exports to 4.06 million tonnes, well short of the 8.19 million a year ago.
The Canadian dollar was lower on Friday morning with the loonie at 79.25 U.S. cents compared to Thursday’s close of 79.47.
About 2,150 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change
Canola May 1,163.60 up 6.80
Jul 1,140.00 up 8.40
Nov 1,008.90 up 0.40
Jan 1,009.40 up 0.60
