By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were higher at midsession Friday, continuing to build on gains following Tuesday’s sharp losses.
“If we can close up five dollars [per tonne] on canola…we’ll be in great shape,” an analyst commented, but noted that Chicago soyoil was lower.
While that applied some pressure on canola, support was derived from upticks in Chicago soybeans and soymeal, along with those in European rapeseed. Malaysian palm oil was narrowly mixed, offering little direction to canola. Modest declines in crude oil weighed on vegetable oil values.
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The Canadian Grain Commission reported for the week ended Apr. 28 that canola exports dropped to 87,400 tonnes. That nudged up the year-to-date tally to 4.63 million tonnes compared to 6.75 million this time last year.
A looming strike by workers at the Canadian National and Canadian Pacific-Kansas City Railways grabbed the attention of farmers as grain movement within Canada would be quickly affected.
The Canadian dollar was a pinch higher late Friday morning with the loonie at 73.08 U.S. cents compared to Thursday’s close of 73.00.
Approximately 23,400 canola contracts were traded as of 10:33 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Jul 643.90 up 7.00 Nov 658.00 up 5.90 Jan 666.20 up 5.70 Mar 670.70 up 5.50
