By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 18 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were on track at midday Friday for the fifth consecutive day of gains.
Although support from Chicago soyoil was much more muted than previously this week, increases in soybeans and soymeal added to the spillover heading to canola. Upticks in European rapeseed were supportive as well, but losses in Malaysian palm oil and global crude oil provided a note of sourness.
Nevertheless an analyst said there were “good positive vibes in the oilseed market.” He stressed that the nearby November canola contract needed to close at or above C$800 per tonne to help sustain its momentum.
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The Canadian Grain Commission reported declines in producer deliveries of canola and in exports for the week ended Aug. 13. However, after two weeks into the 2023/24 both of those and domestic usage were much improved from the numbers a year ago.
The Canadian dollar was lower at mid-Friday morning, with the loonie at 73.78 U.S. cents compared to Thursday’s close of 73.94.
Approximately 14,100 canola contracts were traded as of 10:29 CDT.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
Price Change
Canola Nov 803.30 up 8.10
Jan 809.00 up 7.90
Mar 809.50 up 6.60
May 805.40 up 3.70
