WINNIPEG, Manitoba--The ICE Futures canola market made gains coming out of the Easter weekend, with positive sentiment in vegetable oils.
While Chicago soyoil and Malaysian palm oil were higher and crude oil was on the rise due to higher-than-expected demand. There was no trading for European rapeseed today.
The Canadian dollar was down more than one-tenth of a United States cent compared to Thursday's close.
The Canadian Grain Commission reported on Thursday that 244,700 metric tons of canola were exported during the week ended March 24, more than double from the previous week. Cumulative exports this marketing year total 4.031 million tons, down from 5.964 million tons from one year ago.
High temperatures in the Prairies this week will rise up to 20 degrees Celsius in Alberta and 15 degrees in Saskatchewan and Manitoba with little precipitation.
One analyst said that canola's gains may become short-lived due to weakness in Chicago soybeans and European rapeseed.
About 17,900 contracts have traded at 11:17 ET. Prices in Canadian dollars per metric ton:
Price Change
May 632.30 up 5.90
Jul 641.60 up 5.50
Nov 649.90 up 4.80
Jan 653.60 up 1.40
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-01-24 1146ET
