By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 4 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Friday, following the upticks in comparable oils.
Global crude oil prices surged upward after China announced it would make changes to it Zero-COVID policy, according to an analyst. The spillover from crude was benefitting vegetable oils, with sharp gains in the Chicago soy complex along with more modest increases in European rapeseed and Malaysian palm oil.
The analyst also said the next resistance level for January canola is C$950 per tonne.
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A system moving across the Prairies over the weekend has been forecast to bring snow or rain to much of the region, of which parts became quite dry during fall.
The Canadian Grain Commission noted a drop of almost 61 per cent in canola exports for the week ended Oct. 30, with just under 130,000 tonnes sent overseas. However, the year-to-date of 1.6 million tonnes remained higher than the same time last year.
With the spike in crude oil and weakening in the United States dollar, the Canadian dollar shot up on Friday. The loonie leapt to 74.10 U.S. cents, compared to Thursday’s close of 72.73.
Approximately 23,950 canola contracts were traded as of 10:24 CDT.
Prices in Canadian dollars per metric tonne at 10:24 CDT:
Price Change
Canola Jan 908.20 up 11.30
Mar 903.90 up 6.80
May 904.60 up 3.60
Jul 905.80 up 2.40
