Glacier FarmMedia | MarketsFarm – The July canola contract in the ICE Futures broke through to the upside on Friday at a much higher level than new crop contracts.
The Canadian Grain Commission reported that canola exports for the week ended April 27 totaled 170,800 tonnes. So far this marketing year, 7.694 million tonnes were exported compared to 4.546 million at this time last year.
An analyst said canola was finding support from depleted supply, forcing prices to rise in an attempt to ration demand.
European rapeseed was higher while Chicago soyoil and Malaysian palm oil were lower. Crude oil prices were also down as fears of a global recession continue.
The Canadian dollar was up one-quarter of a U.S. cent compared to Thursday’s close.
About 28,200 canola contracts have traded at 10:31 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Jul 709.00 up 12.30
Nov 658.30 up 5.30
Jan 665.70 up 5.10
Mar 671.80 up 3.80
