ICE Canada Morning Comment: Canola resumes its upward climb
Smaller supplies underpin oilseed's values
Intercontinental Exchange canola futures were higher on Friday morning as tighter canola supplies continued to underpin the Canadian oilseed.
The Canadian Grain Commission reported for the week ended Dec. 8 that year-to-date canola exports hit 4.03 million tonnes, almost 88 per cent more than a year ago. Domestic use reached 4.17 million tonnes, up more than 12 per cent.
Meanwhile, Agriculture and Agri-Food Canada is set to issue its December supply and demand estimates next week, the department’s first report since Statistics Canada updated its production figures last week.
Although modest gains in crude oil spilled over into the vegetable oils, Malaysian palm eased back and Chicago soyoil was relatively steady. There were gains in European rapeseed, but there were losses in Chicago soybeans and soymeal.
The Canadian dollar was lower on Friday morning, with the loonie at 70.35 U.S. cents compared to Thursday’s close of 70.48.
Approximately 9,850 contracts were traded by 8:36 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Jan 621.60 up 3.00 Mar 630.90 up 2.40 May 637.90 up 2.50 Jul 640.20 up 1.80
