By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were attempting to climb higher on Friday morning, fending off a bout of choppiness.
Support came from gains in Chicago soybeans and soyoil, as well as MATIF rapeseed, while Chicago soymeal was lower. With a holiday in Malaysia, the palm oil market was closed. Crude oil was virtually unchanged as it moved away from earlier declines.
The May canola contract remained handily above its major moving averages, underpinning the oilseed. Canola crush margins pushed higher, with the May position nearly at C$290 per tonne above the averages.
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At 292,100 tonnes, canola exports increased more than 157 per cent during the week ended March 15, the Canadian Grain Commission reported. That brought the cumulative total to 4.88 million tonnes versus 6.52 million the same time last year.
The Canadian dollar was higher on Friday morning with the loonie at 72.94 U.S. cents compared to Thursday’s close of 72.84.
Approximately 12,900 contracts had been traded by 8:40 CDT and prices in Canadian dollars per metric tonne were:
Price Change
Canola May 730.50 up 2.20
Jul 742.90 up 1.80
Nov 734.30 up 0.50
Jan 738.30 up 0.40
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