By Glen Hallick, MarketsFarm
WINNIPEG, May 1 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher on Friday morning amid sparse volumes.
Support was coming from gains in European rapeseed and Malaysian palm oil, but weaker Chicago soyoil weighed on values.
The eastern Prairies could see upwards to 20 millimeters of rain on Friday. Temperatures over the weekend across the region are expected to be in the mid to upper teens Celsius.
The Canadian Grain Commission (CGC) reported weekly canola exports of 284,000 tonnes for the week ended April 26. That brings the marketing year-to-date exports to about 7.35 million tonnes, which is more than 537,000 tonnes ahead of last year.
Also, the CGC reported 182,500 tonnes went for domestic usage, bringing the year-to-date total to 7.67 million tonnes and 878,500 tonnes ahead of this time in 2018/19.
The Canadian dollar is lower Friday morning at 71.29 U.S. cents, compared to Thursday’s close of 71.89.
About 2,500 canola contracts had traded as of 8:50 CDT.
Prices in Canadian dollars per metric tonne at 8:50 CDT:
Price Change
Canola Jul 467.40 up 2.00
Nov 474.60 up 1.50
Jan 478.10 up 0.90
Mar 484.30 up 0.90
