WINNIPEG – The ICE Futures canola market sought to end the week on a high note, receiving support from the United States soy complex and comparable oils.
Soybeans as well as Chicago soyoil and soymeal were up, as well as Malaysian palm oil. European rapeseed was lower on the nearby contracts but higher on the deferreds. Crude oil was also higher after comments from U.S. Federal Reserve chair Jerome Powell indicated further raising of benchmark interest rates.
One trader said that canola is reacting to the Chicago soy complex, which was “jittery” due to a dry weather forecast in September. An analyst also said canola could hit C$840 per tonne over the next few weeks.
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The Canadian dollar was down more than one-third of a U.S. cent compared to Thursday’s close.
Temperatures are expected to be in the low- to mid-20s across the Prairies today, as well as in the mid- to high-20s next week.
About 14,750 contracts had traded as of 10:27 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 814.50 up 4.60
Jan 821.30 up 4.30
Mar 824.80 up 5.30
May 823.50 up 5.10
