By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 17 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher at midday Friday, gleaning strength from gains in Chicago soybeans and soymeal, according to a trader.
There’s additional support from strong upticks in Malaysian palm oil as well as more moderate increases in European rapeseed. However, declines in Chicago soyoil and global crude oil prices were weighing on edible oil values.
The trader said the markets are keeping more of an eye on continuing dry conditions in South America, affecting soybean crops in Argentina and Brazil. He noted there’s little in the way of a global surplus of veg oils, and a sharp drop in South American production would lead to price hikes in the North American markets.
The Canadian dollar was lower with the loonie at 77.99 U.S. cents compared to Thursday’s close of 78.24.
Approximately 10,050 canola contracts were traded as of 10:28 CST.
Prices in Canadian dollars per metric tonne at 10:28 CST:
Price Change
Canola Jan 1,006.10 up 5.10
Mar 996.00 up 10.30
May 957.70 up 8.20
Jul 907.30 up 7.60
