By Glen Hallick, MarketsFarm
WINNIPEG, March 5 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher at midday Friday, on commercial buying and support from Chicago soyoil, according to a Winnipeg-based trader.
However, he cautioned that could change during the remainder of today’s session.
“It is Friday, I wouldn’t be surprised for one second to see some profit-taking before the weekend,” the trader commented.
There were more sharp gains in Chicago soyoil, with gains of more than nine-tenths of a cent. Additional support was coming from European rapeseed. Malaysian palm oil incurred small declines.
The Canadian Grain Commission reported producer deliveries of canola for the week ended Feb. 28 were 465,100 tonnes, which brought the year-to-date to 13.41 million tonnes. Canola exports were 240,000 tonnes on the week, with the year-to-date just short of seven million tonnes. Domestic usage for the week was 194,500 tonnes, raising its total to 6.16 million tonnes.
The Canadian dollar was weaker with the loonie at 78.88 U.S. cents after closing on Thursday at 79.13.
Approximately 10,800 canola contracts were traded as of 10:48 CST.
Prices in Canadian dollars per metric tonne at 10:48 CST:
Canola May 787.30 up 5.00
Jul 747.10 up 6.80
Nov 621.00 up 5.10
Jan 624.00 up 5.50