By Glen Hallick, MarketsFarm
WINNIPEG, April 9 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher on Friday morning with the nearby may contract remaining well above C$800 per tonne.
Tight old crop supplies continued to underpin canola values. Meanwhile, new crop prices were mixed due to the likelihood of more canola acres being sown on the Prairies than initially anticipated. Added to that were forecasts for snow and rain over the region in the coming week. However, the Prairies are currently very dry.
Chicago soyoil was weaker, while European rapeseed was mostly higher, with the exception being its May contract.
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The Canadian dollar was up slightly, with loonie at 79.66 U.S. cents, compared to Thursday’s close of 79.50.
The Canadian Grain Commission reported producer deliveries of canola for the week ended April 4 were 313,000 tonnes, down 18.3 per cent from the previous week. At 298,100 tonnes canola exports climbed 42.4 per cent on the week, while domestic usage slipped 13.9 per cent at 211,500 tonnes.
About 3,700 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change
Canola May 819.10 up 5.80
Jul 752.20 up 3.80
Nov 632.00 up 4.50
Jan 632.70 up 4.10
