By Glen Hallick, MarketsFarm
WINNIPEG, April 17 (MarketsFarm) – ICE Futures canola contracts were slightly higher on Friday as traders were rolling out of the May contract.
“We’re continuing to see liquidation in the May contract keeping things a little firm,” a Winnipeg based-trader commented, adding there was good news from the Canadian Grain Commission (CGC).
The CGC reported farmer deliveries of canola were at 398,500 tonnes for the week ended April 12, which was up 18.6 per cent compared to the previous week. At 216,600 tonnes the domestic use saw a jump of 28.7 per cent from week to week.
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However, exports were at 262,100 tonnes, which was down four per cent from the previous week.
Also, on the downside, the trader said the “the dollar was a drag this morning.” The loonie was higher at 71.24 U.S. cents, compared to Thursday’s close of 70.81.
He said there continues to be some canola combining in parts of Saskatchewan.
Warmer temperatures are forecast for the Prairies next week.
Approximately 6,400 canola contracts were traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Price Change
Canola May 458.30 up 0.60
Jul 465.50 up 0.70
Nov 473.90 up 0.60
Jan 480.30 up 0.70
