WINNIPEG, Manitoba--Intercontinental Exchange canola futures climbed higher on Friday, as prices pushed through resistance.

A trader commented that canola this week benefitted from the strong increases in Malaysian palm oil. He said the latter resulted in soyoil becoming too cheap, and its gains pulled up canola.

Global crude oil prices dipped, which put some pressure on the oilseeds.

While the Canadian Grain Commission reported weekly increases in producer deliveries and exports, their year-to-date tallies lagged behind last year's pace. After 32 weeks into the 2023/24 marketing year, deliveries reached 10.45 million tons compared to 12.31 million this time last year. Exports hit 3.68 million tons versus 5.51 million last year. Domestic usage remained ahead of the previous year at 6.67 million tons to 6.30 million.

The Canadian dollar pulled back at mid-afternoon Friday, with the loonie at 73.85 U.S. cents compared to Thursday's close of 74.01.

There were 42,425 contracts traded on Friday, compared to Thursday when 54,300 contracts changed hands. Spreading accounted for 20,336 contracts traded. 


 
Prices are in Canadian dollars per metric ton: 
 
Canola      Price       Change 
 May        630.60      up 7.40 
 Jul        640.10      up 6.80 
 Nov        647.40      up 5.80 
 Jan        654.70      up 5.20 
 
Spread trade prices are Canadian dollars and the volume represents the number of spreads: 
 
Months                    Prices               Volume 
May/Jul          8.70 under to 10.70 under      6,305 
May/Nov         15.60 under to 18.80 under         73 
Jul/Nov          6.50 under to 8.90 under       3,514 
Nov/Jan          7.20 under to 8.00 under         246 
Nov/Mar         12.30 under                         1 
Jan/Mar          4.70 under to 4.80 under          29

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

03-15-24 1532ET