By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 12 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Friday morning, getting support from the Chicago soy complex.
There was also support from gains in European rapeseed while lower Malaysian palm oil weighed on values.
The frigid temperatures across the Prairies have slowed producer deliveries as well as rail movements, which underpins prices.
Tightening canola ending stocks were also a supportive factor.
The Canadian Grain Commission released its weekly grain handling summary yesterday for the week ended Feb. 7 – just before the cold snap set in. Producer deliveries of canola were 485,900 tonnes and were up 22 per cent from the previous week. At 169,100 tonnes, canola exports fell back nearly 35 per cent. Domestic usage was 201,400 tonnes for an increase of less than two per cent.
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By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures finished lower in choppy trading on Friday,…
The Canadian dollar was pulling back with the loonie at 78.53 U.S cents compared to Thursday’s close of 78.83.
The markets will be closed Feb. 15 for holidays in Canada and the United States.
About 1,900 canola contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric tonne at 8:39 CST:
Price Change
Canola Mar 707.10 up 3.00
May 694.70 up 6.20
Jul 662.30 up 3.90
Nov 566.70 up 1.90
