By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 16 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were making small gains at midday Friday, helped by higher values for Chicago soyoil.
However, greater increases for canola were stymied by significant losses in European rapeseed and Chicago soybeans. Soymeal was down more moderately. The Malaysian palm oil market is closed for a holiday. Gains in global crude oil prices were lending support to vegetable oils.
Good harvest progress continued to be reported on the Prairies. Yesterday, Saskatchewan said its overall harvest hit 64 per cent complete, which is seven points above the five-year average. Alberta will issue its report later today.
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Rain has been falling over parts of Alberta and Manitoba so far today, with more precipitation in the forecast primarily for the northern areas of the Prairies.
The Canadian Grain Commission reported producer deliveries of canola for the week ended Sept. 11 were up almost 59 per cent at 336,200 tonnes. Exports barely registered at a mere 300 tonnes, while domestic usage increased 21 per cent at 196,900 tonnes.
The Canadian dollar was lower as the loonie slipped to 75.33 U.S. cents, compared to Thursday’s close of 75.76.
Approximately 19,500 canola contracts were traded as of 10:34 CDT.
Prices in Canadian dollars per metric tonne at 10:34 CDT:
Price Change
Canola Nov 788.70 up 0.30
Jan 796.50 up 0.10
Mar 803.90 up 0.70
May 806.00 up 1.40
