WINNIPEG, Manitoba--ICE canola futures were on the rise Friday morning along with European rapeseed and Chicago soyoil.
This was despite sharp declines in global crude oil prices which weighed on values for Malaysian palm oil as well as Chicago soybeans and soymeal.
Crush margins took a hit with most positions now below C$200 per ton but were still supportive of canola.
The Canadian Grain Commission reported producer deliveries of canola for the week ended March 19 were 364,600 tons, down 18.7% from the previous week. Canola exports slipped 3.8% at 188,800 tons and domestic usage was down 8.5% at 198,500 tons. Meanwhile, the year-to-date totals for canola remained well ahead of those this time last year.
Due to a surge in the U.S. dollar, the Canadian dollar was weaker Friday morning. The loonie dropped to 72.49 U.S. cents compared with Thursday's close of 73.15 U.S. cents.
About 12,150 contracts had traded as of 9:36 a.m. ET.
Prices in Canadian dollars per metric ton at 9:36 a.m. ET:
Canola Price Change
May 742.00 up 6.80
Jul 724.30 up 6.10
Nov 699.20 up 4.20
Jan 704.10 up 5.30 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-24-23 1003ET
