By Glen Hallick, MarketsFarm
WINNIPEG, May 26 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Friday due to support from comparable oils.
“It’s hard to try to drag canola down further without outside direction. The outside markets are firmer this morning,” a trader explained.
There were gains in the Chicago soy complex, European rapeseed and Malaysian palm oil. Modest upticks in global crude oil prices provided support to the vegetable oils.
The trader noted the bounce comes just ahead of the Memorial Day long weekend in the United States, with the markets there closed on Monday. He also said the funds had been sellers this week as they rolled their July shorts into November.
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“No one wants to add additional risk to the markets,” he commented.
The weather in the U.S. and on the Canadian Prairies is now something of a concern, according to the trader. There’s drought or dry conditions in many of the growing areas of the U.S., as well as on the Prairies.
The Canadian dollar was relatively steady at 73.34 U.S. cents on late Thursday morning, compared Thursday’s close of 73.38.
Approximately 13,500 canola contracts were traded as of 10:27 CDT.
Prices in Canadian dollars per metric tonne at 10:27 CDT:
Price Change Canola Jul 688.30 up 2.10 Nov 657.80 up 2.80 Jan 662.00 up 3.50 Mar 667.50 up 3.80
