By Glen Hallick, MarketsFarm
WINNIPEG, March 27 (MarketsFarm) – ICE Futures canola contracts were steady to higher on Friday, getting support from Chicago soyoil, said a Winnipeg-based trader.
There was also support from European rapeseed, but Malaysian palm oil was slightly lower.
The trader noted that farmer deliveries remained strong, although slightly down from the previous week. For the week ended March 22, deliveries were 406,800 tonnes compared to 415,700 tonnes the previous week, according to the Canadian Grain Commission (CGC).
The trader said road bans across the Prairies could slow the amount of deliveries until they’re lifted.
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The CGC reported weekly canola exports increased to 335,400 tonnes as of March 22 from 226,300 tonnes the previous week.
The Bank of Canada’s emergency rate cut this morning did push the Canadian dollar down somewhat, the trader said. Since the announcement, the loonie bounced back.
At midday, the loonie virtually unchanged at 71.03 U.S. cents, compared to Thursday’s close of 71.04.
Approximately 7,300 canola contracts were traded as of 10:46 CDT.
Prices in Canadian dollars per metric tonne at 10:46 CDT:
Price Change
Canola May 462.80 unchanged
Jul 471.70 up 0.10
Nov 481.30 up 1.10
Jan 487.50 up 1.20
