ICE Canada Morning Comment: More gains for canola
Most prices above major resistance levels
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were on the rise Friday morning, gleaning support from gains in comparable oils.
Malaysian palm oil ended the week with another day of sharp increases, hitting fresh contracts highs. Upticks in the Chicago soy complex and European rapeseed also spilled over into canola. Crude oil was rising more modestly, but still underpinning the vegetable oils.
Canola was above most of its major resistance levels, only slightly behind its 200-day moving average.
Saskatchewan reported its harvest reached 91 per cent complete overall, with the province’s canola at 82 per cent finished.
The Canadian Grain Commission reported for the week ended Sept. 29 that producer deliveries of canola increased to 697,200 tonnes, domestic use improved to 237,800 tonnes, but canola exports dropped to 86,700 tonnes. However, year-to-date exports of the oilseed are three times more than this time last year.
The Canadian dollar stepped back on Friday morning with the loonie retreating to 73.61 U.S. cents compared to Thursday’s close of 73.86.
Approximately 15,450 contracts were traded by 8:36 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 625.10 up 3.10 Jan 638.20 up 2.20 Mar 649.20 up 1.60 May 656.10 up 1.10
