ICE canola gaining as weekend approaches

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market was in positive territory in early Friday trading, supported by comparable oils as well as depleted supplies and uncertainty in the upcoming crop.

Chicago soyoil, European rapeseed and Malaysian palm oil were higher, while a resumption of talks between the United States and China was a boon to crude oil.

The Canadian dollar was down one quarter of a U.S. cent compared to Thursday’s close. Statistics Canada reported today that the unemployment rate inched up to seven per cent in May. In the U.S., unemployment held at 4.2 per cent, the Labor Department said.

Nearly 7,600 contracts were traded. Prices in Canadian dollars per metric ton as of 8:40 CDT:

Jul  708.10  up  9.20

Nov  687.80  up  6.60

Jan  695.40  up  6.80

Mar  701.70  up  6.60