By Glen Hallick, MarketsFarm
WINNIPEG, July 24 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were slightly higher on Friday morning, getting support from Chicago soyoil.
There was also strength coming from Malaysian palm oil, but lower European rapeseed weighed on values.
The Canadian dollar was lower this morning, at 74.49 U.S. cents, compared to Thursday’s close of 74.67.
More rain was forecast today for the northern and eastern Prairies. Northern growing areas in Alberta and various parts of Saskatchewan and Manitoba are contending with excessive moisture, which have resulted in unfavourable crop conditions.
The Canadian Grain Commission reported yesterday that producer deliveries of canola for Week 50 of the 2019/20 marketing year totaled 472,600 tonnes. Canola exports amounted to 180,500 tonnes and domestic usage was 188,400 tonnes.
On Thursday, Statistics Canada issued its monthly Producer Deliveries of Major Grains. Total deliveries in June were 5.16 million tonnes and canola deliveries came to 1.80 million tonnes.
About 2,500 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change
Canola Nov 486.30 up 0.90
Jan 493.30 up 0.90
Mar 498.90 up 1.10
May 501.90 up 0.90
