By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 16 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady higher on Friday morning, due to increases in Chicago soyoil.
Gains European rapeseed was also supportive of canola, but losses Malaysian palm oil weighed on values.
The Canadian dollar nudged higher at 75.70 U.S. cents, compared to Thursday’s close of 75.59.
The long range Prairie forecast has called for below normal temperatures for the rest of October. A La Nina is set to dominate North American weather, including Western Canada, for the next five months.
The Canadian Grain Commission reported producer deliveries of canola were 436,100 tonnes for the week ended Oct. 11, with terminal receipts of 319,600 tonnes. Canola exports amounted to 404,100 tonnes and domestic usage came to 224,600 tonnes.
About 9,300 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric tonne at 8:41 CDT:
Canola Nov 526.00 up 0.60
Jan 533.40 up 0.30
Mar 539.30 unchanged
May 543.40 up 2.20
Commodity Future Prices
Prices are in Canadian dollars per metric ton