By Glen Hallick, MarketsFarm
WINNIPEG, March 31 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were bouncing back at midsession on Friday, with the gains starting in the overnight session.
Strong upticks in Chicago soybeans and soyoil provided support for canola, while soymeal was down a little. Increases in European rapeseed also spilled over, but pressure came from declines in Chicago soymeal and Malaysian palm oil. Slight gains in global crude oil prices provided additional support to the vegetable oils.
The Canadian Grain Commission reported producer deliveries of canola for the week ended March 26 were 377,900 tonnes, up 3.6 per cent from the previous week. Canola exports came to 268,700 tonnes, for an increase of 42.3 per cent. Domestic usage was 221,100 tonnes, up 11.4 per cent.
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The United States Department of Agriculture is set to release its prospective plantings and quarterly grain stocks reports at 11 am CDT. Both reports are expected to have an influence on the Chicago Board of Trade, affecting prices in Canada as well.
The Canadian dollar was virtually unchanged so on Friday, with the loonie at 73.90 U.S. cents, compared to Thursday’s close of 73.89.
Approximately 15,650 canola contracts were traded as of 10:31 CDT.
Prices in Canadian dollars per metric tonne at 10:31 CDT:
Price Change Canola May 775.30 up 10.70 Jul 756.60 up 10.90 Nov 728.80 up 10.90 Jan 732.90 up 11.60
