ICE Canola Moves Higher On C$, Export Demand

The Canadian dollar moved below par with its US counterpart on Friday, which was seen encouraging some domestic crusher and export demand.

A lack of farmer selling, as producers remain busy with spring field work, was also providing some support. Concerns about dry conditions in parts of Alberta and Saskatchewan were another supportive price influence, although forecasts calling for moisture across much of the Prairies over the weekend should alleviate some of those concerns.

Malaysian palm oil and e-cbot soyoil futures were higher in overnight activity, providing some spillover support for canola.

However, CBOT soybeans were being called narrowly mixed to start the North American session, and any weakness in that market could spill-over to weigh on canola, said traders.

Uncertainty ahead of Monday’s Statistics Canada planting intentions report was also expected to keep a cautious tone in the canola market on Friday. Traders generally expect to see a sharp increase in canola acres on the year, but the extent of that increase remains to be seen.

About 5,600 canola contracts had traded as of 8:56 CDT.

Western barley futures were untraded and unchanged in overnight activity.

Prices in Canadian dollars per metric ton at 8:56 CDT: