ICE Midday: Canola enters weekend on high note

Glacier FarmMedia MarketsFarm – The ICE Futures canola market resumed its recent rise on Friday to go with mixed sentiment in vegetable oils and a weaker Canadian dollar.

Chicago soyoil was higher coming out of Independence Day, while European rapeseed also made gains. Crude oil was also up due to fewer United States stockpiles and rising global equity markets. However, Malaysian palm oil was lower.

The Canadian dollar was down more than one-tenth of a U.S. cent compared to Thursday’s close.

One trader said that canola is carrying good momentum since bouncing off the C$600 support level. The trader added that recent strength in comparable oils have helped to lift canola prices.

About 26,400 contracts have traded at 10:10 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Nov 659.20     up  9.30

Jan 669.10     up  9.10

Mar 675.60     up  8.90

May 681.30     up 10.30