By Marlo Glass, MarketsFarm
WINNIPEG, May 29 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to higher on Friday morning, recovering slightly from losses incurred earlier in the week.
According to Saskatchewan’s most recent crop report, seeding in the province is 80 per cent complete. That’s behind the average pace of 92 per cent complete.
Canola was higher despite losses in Chicago soy oil. The soy complex was weakened by poor export data, as last week’s export sales were 47 per cent lower than the week prior.
Relative strength in the Canadian dollar also kept a lid on canola values. The Canadian dollar was just over 72.6 U.S. cents on Friday morning.
About 3,500 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Canola Jul 461.20 up 0.50
Nov 470.60 up 0.20
Jan 477.50 up 0.40
Mar 483.40 up 1.10