ICE Canola Climbing Higher Friday Morning

WINNIPEG, Manitoba--The ICE Futures canola market was stronger Friday morning, with speculative buying a feature amid a number of supportive influences.

The Chicago Board of Trade soy complex was up sharply in early activity, with soyoil hitting fresh contract highs. Malaysian palm oil and European rapeseed futures were also up overnight.

Meanwhile, the Canadian dollar was weaker, having lost nearly two cents relative to its U.S. counterpart over the past week. The falling currency underpins crush margins and makes exports more attractive to international buyers.

About 5,300 canola contracts had traded as of 9:40 EST.

 
Prices in Canadian dollars per metric ton at 9:40 EST: 
 
                          Price      Change 
Canola            Mar   1,022.80     up 15.70 
                  May   1,012.20     up 13.20 
                  Jul     987.90     up 11.30 
                  Nov     839.00     up  7.40 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

01-28-22 1022ET