By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 1 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were pushing upwards at midday Friday, as they gleaned support from gains in comparable oils.
Spillover was coming from upticks in Chicago soyoil, plus European and Malaysian palm oil. While Chicago soybeans were narrowly mixed, a dip in Chicago soymeal applied a little bit of pressure. A rally in crude oil prices was spilling over into the vegetable oils.
The Canadian Grain Commission reported a meagre 1,200 tonnes in canola exports for the week ended Aug. 27. An analyst said the amount was all by rail or truck with no canola loaded onto vessels.
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“It was a combination of no immediate export demand and waiting for the new crop to come in,” the analyst commented, noting that year to date exports remain significant better compared to a year ago.
The Prairies saw some scattered showers on Friday morning, with the region to be hot and dry through the Labour Day long weekend. The analyst said those conditions could persist through the first half of September.
With the long weekend, trading at ICE and the Chicago Board of Trade will be closed from the end of the session today through to the beginning of the overnight session on Monday.
As the United States dollar made gains, the Canadian dollar was pulled lower at mid-Friday morning. The loonie fell to 73.64 U.S. cents compared to Thursday’s close of 73.90.
Approximately 20,400 canola contracts were traded as of 10:31 CDT.
Prices in Canadian dollars per metric tonne at 10:31 CDT:
Price Change Canola Nov 812.50 up 3.80 Jan 819.40 up 5.50 Mar 822.40 up 6.90 May 821.90 up 9.30
