By Glen Hallick, MarketsFarm
WINNIPEG, July 16 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Friday morning, with support from gains in the Chicago soy complex, as well as European rapeseed and Malaysian palm oil.
Aside from scattered showers, the Prairies are forecast to remain hot and dry through the weekend. However, the Peace River and northern regions of Alberta have cooled off and are to get rain.
The Canadian dollar was relatively steady this morning, with the loonie at 79.50 U.S. cents compared to Thursday’s close of 79.54.
As canola supplies continued to tighten, reductions in the upcoming harvest have underpinned values.
The Canadian Grain Commission reported producer deliveries of canola, for the week ended July 11, amounted to 188,100 tonnes for an increase of almost three per cent over the previous week. Canola exports tumbled nearly 78 per cent at 20,100 tonnes, while domestic usage fell about 13 per cent at 158,700 tonnes.
About 6,500 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change
Canola Nov 922.50 up 10.40
Jan 906.10 up 8.50
Mar 884.20 up 3.90
May 863.00 up 2.70
