ICE canola slowly climbing upward

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market made small gains on Friday morning with mostly positive sentiment in comparable oils.

Chicago soyoil and Malaysian palm oil were higher, while crude oil gained more than US$1 per barrel after Russia said OPEC+ may reverse its planned output hike by April. European rapeseed was lower to start the day.

The Canadian Grain Commission reported 105,600 tonnes of canola shipped for export during the week ended March 3, down from 174,900 the previous week. So far this marketing year, 6.127 million tonnes were shipped, compared to 3.365 million one year earlier.

The Canadian dollar is down two-tenths of a U.S. cent compared to Thursday’s close.

Nearly 6,300 contracts were traded. Prices in Canadian dollars per metric ton as of 8:36 CST:

May   639.00  up  4.40

Jul.  648.60  up  4.40

Nov.  637.60  up  4.30

Jan.  645.40  up  4.70