By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher on Friday morning with the vast majority of the trading with the January contract.
Support came from gains in Chicago soyoil and soymeal, as well as Malaysian palm oil and European rapeseed. Chicago soybeans were down slightly.
Tight canola supplies, a lackluster harvest and concerns over dryness on the Prairies continuing into next spring also underpinned values.
Meanwhile, declines in global crude oil prices tempered increases in edible oils.
The Canadian dollar was lower this morning, with the loonie at 80.78 U.S. cents, compared to Thursday’s close of 80.98.
The Canadian Grain Commission reported, for the week ended Oct. 24, producer deliveries of canola were 420,900 tonnes, up 19.1 per cent from the previous week. At 274,600 tonnes, canola exports improved 48.1 per cent and domestic usage decreased 13.4 per cent at 202,300 tonnes.
About 1,650 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change
Canola Jan 955.60 up 0.30
Mar 935.40 dn 0.90
May 905.60 dn 2.00
Jul 865.40 dn 3.00
