WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange rallied again Friday morning, owing to higher prices for comparable oils and a weaker Canadian dollar.
Malaysian palm oil was lower, but Chicago soyoil and European rapeseed were up. Crude oil gained US$1 per barrel due to supply concerns out of Iran and ongoing tensions between the United States and Venezuela.
Canadian Prime Minister Mark Carney will visit China from Jan. 13 to Jan. 17 to discuss a number of matters including trade and agriculture. Last year, China imposed a 100% tariff on Canadian canola oil and a 75.8% tariff on canola seed.
The Canadian Grain Commission reported 147,800 tonnes of canola were exported for the week ended Jan. 4, more than the 121,000 shipped in the previous week. So far this marketing year, 2.809 million tonnes were exported, compared with 4.722 million one year ago.
The Canadian dollar was down nearly one-tenth of a U.S. cent compared with Thursday's close.
Nearly 20,900 contracts were traded. Prices in Canadian dollars per metric ton as of 9:43 a.m. ET:
Canola
Price Change
Mar 636.40 up 10.30
May 645.10 up 8.70
Jul 651.60 up 7.80
Nov 645.30 up 4.60
Source: Commodity News Service Canada, news@marketsfarm.com
Corrections & Amplifications
This was corrected at 10:33 a.m. ET because it incorrectly said China imposed 100% tariffs on Canadian canola seed and oil. China imposed a 100% tariff on Canadian canola oil and a 75.8% tariff on canola seed.
(END) Dow Jones Newswires
01-09-26 1011ET
