WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were higher on Friday morning, building on the gains made in the overnight session. That saw the May contract move closer to its 100-day moving average.
Upticks in European rapeseed and Chicago soyoil lent support to canola, but pressure came from declines in Malaysian palm oil along with those in Chicago soybeans and soymeal. Modest increases in global crude oil prices spilled over into the oilseeds.
The Prairie weather continued to be a story of contrasts, as the western half is much cooler with precipitation for the southern portions. Meanwhile, the eastern half has been forecast to be much warmer and dry.
Canola crush margins pulled back with the old crop positions either side of C$163 per metric ton above the futures, with the new crop positions pegged at C$150 to C$155.
The Canadian Grain Commission reported for the week ended Mar. 31 that producer deliveries of canola were 415,700 metric tons compared to 507,300 tons the previous week. Exports tumbled from 244,700 tons to only 40,600 tons, but domestic usage bumped up to 193,900 tons from 189,700 tons.
The Canadian dollar fell hard on Friday morning as its United States counterpart shot up. The loonie dropped to 73.36 U.S. cents compared to Thursday's close of 74.05.
Approximately 7,050 contracts had traded by 9:38 EDT and prices in Canadian dollars per metric ton were:
Canola
Price Change
May 641.10 up 7.50
Jul 649.90 up 7.50
Nov 657.20 up 6.90
Jan 664.00 up 6.80
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-05-24 1010ET
