WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange turned higher in choppy trading Friday morning.
Canola gleaned support from gains in the Chicago soy complex, but declines in European rapeseed and Malaysian palm oil limited its upside.
Crude oil turned lower on news Iran sent a new set of proposals to the United States in hopes of restarting talks.
The July canola contract remained above its major technical levels, further underpinning the oilseed.
Canola crush margins saw some contraction in the July position, with it slipping to around C$347 per tonne above the futures.
The new crop November positions nudged up, with that for October delivery just over C$292 per tonne above the futures and December about C$283.
Statistics Canada is scheduled to release its stocks of principal field crops report Wednesday. It's widely expected the report will have little effect on canola futures.
The Canadian dollar was stronger on Friday morning at 73.77 U.S. cents compared with Thursday's close of 73.40.
About 9,150 contracts had been traded by 9:45 a.m. ET and prices in Canadian dollars per metric tonne were:
Canola
Price Change
Jul 767.00 up 3.20
Nov 764.50 up 3.20
Jan 770.20 up 3.10
Mar 774.30 up 2.80
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-01-26 1007ET
