WINNIPEG, Manitoba -- Intercontinental Exchange (ICE) canola futures closed higher on Friday, after overcoming earlier losses.
That's despite hefty pressure from significant losses in global crude oil that put pressure on vegetable oils, as well as those in Chicago soyoil. Slight losses in Chicago soybeans added more pressure, while support came from upticks in soymeal, Malaysian palm oil and European rapeseed.
The market has projected good increases in stocks of canola, wheat and other grains when Statistics Canada releases its stocks report on Tuesday. The gains are to reflect the Prairies overcoming the drought in 2021.
The Canadian dollar was weaker at mid-afternoon Friday as the U.S. dollar surged upward. The loonie fell back to 74.70 U.S. cents, compared to Thursday's close of 75.12.
The Canadian Grain Commission reported that as of Jan. 29, year-to-date producer deliveries of canola are 9.93 million metric tons, and 13.6% higher than a year ago. Exports rose to 4.29 million metric tons, 27.5% ahead of this time last year.
Domestic use reached 5.12 million metric tons, up 9.6% on the year.
There were 32,804 contracts traded on Friday, which compares with Thursday when 23,282 contracts changed hands. Spreading accounted for 18,710 contracts traded.
Canola settlement prices are in Canadian dollars per metric ton.
Price Change
Mar 831.60 up 6.50
May 828.90 up 5.20
Jul 830.30 up 4.50
Nov 810.90 up 3.00
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 3.30 over to 1.20 over 5,671 Mar/Jul 0.20 under to 1.00 under 40 May/Jul 1.10 under to 2.40 under 2,556 May/Nov 18.90 over to 15.40 over 254 Jul/Nov 22.50 over to 17.60 over 768 Nov/Jan 2.80 under to 3.30 under 66
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-03-23 1542ET
