By Glen Hallick, MarketsFarm
WINNIPEG, March 3 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were pushing higher on Friday morning, getting support from gains in European rapeseed and Malaysian palm oil.
While additional support came from increases in Chicago soybeans and soymeal, lower soyoil weighed on canola values. Meanwhile, weakness in global crude oil prices put pressure on vegetable oils.
The Canadian Grain Commission reported a drop of almost 30 per cent in producer deliveries of canola for the week ending Feb. 26 at 293,700 tonnes. Exports edged up two per cent on the week at 194,700 tonnes and domestic use rose 10 per cent at 198,000 tonnes.
The Canadian dollar was slightly lower with the loonie at 73.34 U.S. cents compared to Thursday’s close of 73.45.
About 6,400 contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric tonne at 8:35 CST:
Price Change Canola May 827.60 up 2.30 Jul 822.70 up 1.90 Nov 799.00 up 2.60 Jan 804.60 up 3.30
