WINNIPEG – The ICE Futures canola market was still extending its gains on Friday morning, supported by upcoming hot weather in the eastern Prairies as well as strength in the Chicago soy complex and veg oils.
The system that brought hot weather to Alberta and Saskatchewan will move into Manitoba this weekend, with temperatures exceeding 30 degrees Celsius.
Crude oil made big gains Friday morning as tight supplies outweighed recession fears. Soyoil and soymeal were both higher to start the day, as well as European rapeseed and Malaysian palm oil, with spillover into canola.
Another supportive factor for canola was the Canadian dollar, which was one-fifth of a cent lower. Earlier today, Statistics Canada reported that the economy was flat in May and it projected a 0.1 per cent increase in June.
About 6,700 canola contracts were traded as of 8:40 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:40:
Nov. 879.00 up 15.40
Jan. 887.60 up 15.40
Mar. 894.80 up 14.50
May 900.00 up 13.00
