By Glen Hallick, MarketsFarm
WINNIPEG, April 30 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger at midday Friday.
With “no new canola until September,” old crop supplies will remain very tight, said a Winnipeg-based trader.
Dry conditions on the Prairies are expected to continue for the coming weeks, which underpinned new crop values, the trader noted. The demand for canola is unlikely to ease anytime soon, he added.
There was spillover support from Chicago soybeans and soyoil, as well as European rapeseed. Lower Malaysian palm oil and Chicago soymeal tempered those increases.
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The Canadian dollar eased back a little, with the loonie at 81.20 U.S. cents, compared to Thursday’s close of 81.35.
The Canadian Grain Commission reported 411,800 tonnes of canola were delivered for the week ended April 25. That’s an increase of more than nine per cent from the previous week. At 129,400 tonnes canola exports fell about 16 per cent, while domestic usage nudged a little higher at 225,400 tonnes.
In Ontario, the winter canola was reported to be in the bolt to first flower stages, which is ahead of this time last year.
Approximately 10,400 canola contracts were traded as of 10:29 CDT.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
Price Change
Canola Jul 856.60 up 13.80
Nov 695.80 up 5.90
Jan 691.20 up 2.50
Mar 688.10 up 3.30
