Intercontinental Exchange (ICE) canola futures saw gains in the front months on Friday morning, with declines in the deferred positions.
While there was support from small gains in Chicago soybeans and soymeal, there were slight losses in soyoil. Canola was also getting spillover from higher European rapeseed, but declines in Malaysian palm oil weighed on values.
With the U.S. Department of Agriculture set to release its weekly supply and demand estimates at noon EDT, the markets will be positioning ahead of the report. That movement will spill over into canola.
Saskatchewan reported Thursday that its province-wide harvest of all major crops hit the halfway point, with the combining of canola at 31% complete. Alberta will issue its crop report later today.
After pushing into the low 30 degrees Celsius in some parts of the Prairies yesterday, daytime highs for the region are forecast to be in the low to mid 20's today and likely slipping into the teens tomorrow. Scattered showers are also expected for parts of the Prairies.
The Canadian dollar was stronger this morning with the loonie at 79.40 U.S. cents, compared to Thursday's close of 79.03.
About 4,600 canola contracts had traded as of 9:35 ET.
Prices in Canadian dollars per metric tonne at 9:35 ET:
Price Change
Canola
Nov 858.40 up 5.70
Jan 847.70 up 5.00
Mar 831.40 up 2.80
May 811.40 dn 0.10
(END) Dow Jones Newswires
09-10-21 1000ET
