By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were higher late Friday morning, as the March contract held above its major moving averages including the 200-day.
Upticks in Chicago soyoil and Malaysian palm oil helped to bolster canola, while declines in soybeans and soymeal plus most European rapeseed contracts limited the increases. Crude oil eased back, adding a little bit more pressure on the vegetable oils.
The strong likelihood of tighter supplies underpinned canola. The Canadian Grain Commission reported the oilseed’s exports for the week ending Jan. 19 of 202,500 tonnes were little changed from the previous week. Domestic use bumped up to 229,900 tonnes.
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The Canadian dollar was higher at mid-session Friday, with the loonie at 69.78 U.S. cents compared to Thursday’s close of 69.58.
Approximately 27,500 canola contracts were traded as of 10:32 am CST, with prices in Canadian dollars per metric tonne:
Price Change
Canola Mar 640.60 up 3.20
May 649.60 up 3.30
Jul 654600 up 2.50
Nov 641.00 up 1.90
