WINNIPEG, Manitoba--Intercontinental Exchange canola futures finished the week on a strong note after recovering most of the previous day's losses.
A trader said Friday that heightened tensions in the Middle East resulted in sharp upticks in global crude-oil prices, affecting the commodities and the futures.
There were increases in European rapeseed along with Chicago soybeans and soymeal. However, soyoil couldn't catch a break and posted small declines. Malaysian palm traded for the first time in two days, also closing lower.
The Canadian Grain Commission reported producer deliveries of canola after 36 weeks into the 2023-24 marketing year reached 12.22 million metric tons. However, that's behind last year's pace of 13.73 million tons. Canola exports continued to lag at 4.24 million tons versus 6.25 million a year ago. Domestic usage remained ahead of pace at 7.60 million tons versus 7.13 million.
The Canadian dollar was weaker at 72.56 U.S. cents compared to Thursday's close of 73.04.
An estimated 74,823 contracts traded on Friday, compared to Thursday when 70,115 contracts changed hands. Spreading accounted for 50,118 contracts traded.
Prices are in Canadian dollars per metric ton:
Contracts Price Change May 634.70 up 10.40 Jul 646.30 up 10.60 Nov 657.00 up 11.70 Jan 663.60 up 11.70
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume May/Jul 11.00 under to 11.90 under 16,470 May/Nov 21.20 under to 22.30 under 408 May/Jan 27.90 under 1 Jul/Nov 9.50 under to 10.90 under 7,221 Jul/Jan 16.10 under to 17.30 under 10 Nov/Jan 6.10 under to 6.80 under 948 Jan/Mar 2.40 under 1
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
04-12-24 1536ET
