WINNIPEG--The ICE Futures canola market regained its strength on Friday amidst mostly positive sentiment from comparable oils and a weaker Canadian dollar.

Chicago soyoil and European rapeseed were higher, while Malaysian palm oil was lower. Crude oil prices also extended their rallies.

The loonie was down more than half a U.S. cent compared to Thursday's close. One analyst said canola could rise further if the May contract surpasses C$650 per ton. The analyst also predicted that crude oil will step back from US$90 per barrel and the loonie could fall down to 70 U.S. cents in the near future.

Precipitation is expected for central parts of Alberta and Saskatchewan today, with high temperatures only up to five degrees Celsius. The eastern Prairies will be dry with temperatures up to 15 degrees. About 20,100 contracts have traded at 10:23 CDT. 


 
Prices in Canadian dollars per metric ton: 
 
Canola      Price         Change 
 May        641.60        up 8.00 
 Jul        649.80        up 7.40 
 Nov        657.60        up 7.30 
 Jan        664.50        up 7.30

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

04-05-24 1148ET