WINNIPEG – The ICE Futures canola market was mixed on Friday despite rising prices for comparable oils. There will be no canola trading on Monday due to the Victoria Day holiday.
Chicago soyoil, European rapeseed and Malaysian palm oil were all higher. Crude oil also showed some strength amid optimism that the United States government will reach a deal to raise its debt ceiling.
One analyst said that canola prices should get more support from vegetable oils. However, if the nearby July contract fails to hold at C$700 per tonne, there is room for prices to go down.
The Canadian dollar was down less than one-tenth of a U.S. cent compared to Thursday’s close. Statistics Canada reported today that retail sales fell 1.4 per cent to C$65.3 billion in March, but core sales, which exclude gas stations and motor vehicle parts dealers, rose 0.3 per cent.
Nearly 12,800 canola contracts were traded as of 10:26 CDT.
Price Change
Jul 700.30 dn 2.60
Nov 675.10 dn 0.90
Jan 679.60 up 0.30
Mar 684.30 up 0.60
