By Glen Hallick, MarketsFarm
WINNIPEG, May 8 (MarketsFarm) – ICE Futures canola contracts were slightly higher on Friday, benefitting from strength in the Chicago soy complex.
“But the [Canadian] dollar has taken way some of the luster,” a Winnipeg-based trader remarked.
The loonie was higher at 71.77 U.S. cents, compared to Thursday’s close of 71.35.
Recent highs for the July contract provided technical support and the trader noted “small spec short covering coming [was] into the market.”
Also, he said below average temperatures across most of the Prairies have prevented a lot of fields from drying out, but seeding progress was increasing, along with harvesting.
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By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were stronger on Thursday, in gleaning support…
Country movement usually slows down during the spring, but deliveries were up 18.7 per cent from the previous week at 398,400 tonnes for the week ended May 3, according to the Canadian Grain Commission (CGC). Year to date deliveries are almost 8.28 million tonnes.
Domestic use was higher by 5,000 tonnes for the week at 187,500, bringing the year to date to 7.86 million tonnes.
Exports for the week came to 173,000 tonnes, for a drop of 39.0 per cent from the previous week. The year to date exports are 7.53 million tonnes.
Approximately 12,600 canola contracts were traded as of 10:54 CDT.
Prices in Canadian dollars per metric tonne at 10:54 CDT:
Price Change
Canola Jul 468.60 up 1.40
Nov 474.70 up 0.70
Jan 480.60 up 0.70
Mar 487.40 up 1.30
