By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 10 (MarketsFarm) – Intercontinental Exchange canola futures were higher on Friday morning, due to spillover from gains in Chicago soyoil and Malaysian palm oil.
Those upticks were tempered by losses in European rapeseed as well as Chicago soybeans and soymeal. Increases in global crude oil prices spilled over into the vegetable oils.
Also, traders were looking to square their positions ahead of the long weekend, as the ICE canola market will be closed on Monday to mark Remembrance Day.
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Canola crush margins swung higher, with the November-December position now more than C$252 per tonne above futures.
The Canadian Grain Commission reported for the week ended Nov. 5, producer deliveries of canola at 291,600 tonnes were slightly higher than those the previous week. Meanwhile, canola exports tumbled to 67,800 tonnes while domestic usage fell to 189,400 tonnes.
The United States Department of Agriculture maintained its call on Canadian canola production for 2023/24 at 17.80 million tonnes in its report on world markets and trade for oilseeds issued on Thursday. Currently, Statistics Canada pegs canola output for this year at 17.37 million tonnes, pending its survey-based production report to be released on Dec. 4.
The Canadian dollar was lower on Friday morning with the loonie at 72.34 U.S. cents compared to Thursday’s close of 72.56.
About 7,250 contracts had traded as of 8:38 CST.
Prices in Canadian dollars per metric tonne at 8:38 CST:
Price Change Canola Jan 694.80 up 7.70 Mar 703.60 up 7.60 May 709.30 up 7.10 Jul 714.00 up 7.00
