By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 22 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were a pinch higher at midday Friday, despite getting mixed support from comparable oils.
In a turnaround, Chicago soybeans were pushing higher along with strong gains in soyoil, however there were small losses in soymeal. European rapeseed was lower as well while Malaysian palm oil was relatively steady.
Global crude oil prices were back making their presence felt among the vegetable oils. Crude was on the rise, with spillover lending support.
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While the majority of the Prairies were dry on Friday, parts of southern Manitoba were getting rain from the large system affecting the United States Northern Plains and Corn Belt.
The Canadian Grain Commission reported producer deliveries of canola for the week ended Sept. 17 were 554,300 tonnes and higher than the previous week. Canola exports were up as well, although the amount remained small at 27,300 tonnes. Domestic use also increased at 194,100 tonnes.
The Canadian dollar was slightly higher at mid-Friday morning with the loonie at 74.26 U.S. cents compared to Thursday’s close of 74.15.
Approximately 16,200 canola contracts were traded as of 10:29 CDT.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
Price Change Canola Nov 726.90 up 1.60 Jan 736.40 up 1.10 Mar 742.50 up 0.20 May 748.10 up 0.20
