By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures remained on the upswing at mid-session Friday, although gains were fading.
A trader said most markets experienced strong gains earlier in the day due to “chatter about the potential for an Iranian attack on Israel or the United States.”
Those heightened Middle East tensions saw crude oil prices shoot up and the spillover found its way into the vegetable oils. There were upticks in European rapeseed and Chicago soybeans and soymeal, but soyoil struggled to move forward. Malaysian palm oil closed lower after a two-day holiday.
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The Canadian Grain Commission reported for the week ended Apr. 7 that producer deliveries of canola slipped from last week to 309,600 tonnes. However, exports quadrupled to 162,800 tonnes and domestic use nudged up to 197,200 tonnes.
The Canadian dollar was falling back late Friday morning as the U.S. dollar surged upward due to the Middle East situation. The loonie dropped to 72.68 U.S. cents compared to Thursday’s close of 73.04.
Approximately 51,300 canola contracts were traded as of 10:50 CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 631.70 up 7.40 Jul 643.00 up 7.30 Nov 653.40 up 8.10 Jan 659.80 up 7.90
