By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 18 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Friday morning, having pushed to new contract highs due to supportive edible oils and demand.
There was support from gains in the Chicago soy complex, Malaysian palm oil and European rapeseed.
The Canadian Grain Commission reported canola deliveries for the week ended Dec. 13 were 541,200 tonnes, for an increase of 13.6 per cent over the previous week. Canola exports were 308,600 tonnes, up 22 per cent on the week. Domestic usage was 229,900 tonnes, rising 18.2 per cent. The market remains concerned that demand is outstripping supply, which could lead to exceedingly low ending stocks of canola.
The Canadian dollar was lower at 78.37 U.S. cents, compared to Thursday’s close of 78.63.
About 7,500 canola contracts had traded as of 8:42 CST.
Prices in Canadian dollars per metric tonne at 8:42 CST:
Price Change
Canola Jan 621.20 up 6.00
Mar 615.20 up 6.70
May 602.50 up 4.00
Jul 588.20 up 3.80
