WINNIPEG – After two consecutive negative sessions, the ICE Futures canola market made gains on Friday morning, lifted by comparable oils. Markets in both Canada and the United States will be closed on Monday for the Labour Day holiday.
Chicago soyoil and European rapeseed were both higher, while Malaysian palm oil was also up after returning from a holiday on Thursday. Crude oil was also in positive territory after Russia implied it will cut exports and China implemented more stimulus into its economy.
The Canadian dollar was down less than one-tenth of a U.S. cent compared to Thursday’s close. Statistics Canada announced earlier today that the economy shrank at an annualized rate of 0.2 per cent in the second quarter.
Temperatures in the high-20 degrees Celsius were forecast for Manitoba and Saskatchewan, while thunderstorms were expected for parts of Alberta and Saskatchewan later today.
Nearly 6,800 contracts were traded. Prices in Canadian dollars per metric ton as of 8:43 CDT:
Nov. 812.00 up 3.30
Jan. 817.60 up 3.70
Mar. 819.80 up 4.30
May 817.00 up 4.30
