WINNIPEG – The ICE Futures canola market looked to close the week on a high note, receiving support from comparable oils.
Chicago soyoil was up more than one United States cent per pound, while European rapeseed and Malaysian palm oil also made major gains. Crude oil was also in positive territory after U.S. officials denied media reports that the country and Iran made a deal to allow more imports from the latter.
One trader said that the recent strength in soyoil is pushing canola prices upwards. The trader speculated that the U.S. Environmental Protection Agency’s (EPA) upcoming biofuel blend mandate could include larger amounts of soyoil.
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The Canadian dollar is up two-tenths of a U.S. cent compared to Thursday’s close. Statistics Canada reported today that the country’s unemployment rate moved up to 5.2 per cent in May, the first such increase since last August.
The United States Department of Agriculture (USDA) will release its monthly World Agricultural Supply/Demand Estimates (WASDE) today at 11 a.m. CDT.
Nearly 16,850 canola contracts were traded as of 10:20 CDT.
Price Change
Jul 687.20 up 7.40
Nov 662.90 up 6.60
Jan 669.50 up 6.70
Mar 675.90 up 6.70
