WINNIPEG – The ICE Futures canola market surged on Friday, squaring up positions ahead of the Canada Day weekend.
Chicago soyoil gained more than two U.S. cents per pound while European rapeseed and Malaysian palm oil were also on the rise. Crude oil also made gains after a reported decline in United States stockpiles.
One analyst said canola’s upswing can be attributed to “erratic, violent swings” in soyoil for which a cause has been difficult to pinpoint.
“Canola seems to be gyrating with soyoil. It’s nothing really canola-related,” the analyst added.
The Canadian dollar was up more than one-tenth of a U.S. cent compared to Thursday’s close.
The U.S. Department of Agriculture (USDA) will release its acreage and quarterly grain stocks reports at 11 a.m. CDT.
Canadian markets will be closed on July 3 for the Canada Day holiday, while U.S. markets will not trade on July 4 for Independence Day.
Nearly 12,400 canola contracts were traded as of 10:20 CDT.
Price Change
Jul 729.20 unchanged
Nov 727.60 up 16.60
Jan 733.00 up 16.50
Mar 735.30 up 16.50
