WINNIPEG, Manitoba--Intercontinental Exchange canola futures regained some lost ground in a corrective bounce by Friday morning, as the oilseed gleaned support from most comparable oils.
Global crude oil prices were on the rise, which spilled over to the vegetable oils, but crude was fading from earlier gains.
Increases in Malaysian palm oil and most European rapeseed contracts were supportive of canola, as were Chicago soybeans and soymeal. However, Chicago soyoil was relatively steady, providing no clear direction for canola.
The Canadian Grain Commission reported for the week ended October 22 that producer deliveries of canola came to 365,500 tons, slipping back from the previous week. Exports nudged up to 218,700 tons, while domestic usage retreated to 209,000 tons.
A report said grain shipments through the St. Lawrence Seaway were being delayed due the six-day-old strike by seaway workers.
Talks between Unifor and the seaway's management company have yet to resume.
The Canadian dollar was pulling back with the loonie slipping to 72.21 U.S cents compared to Thursday's close of 72.34.
Approximately 18,700 canola contracts were traded as of 11:16 a.m. ET.
Prices in Canadian dollars per metric tonne at 11:16 a.m. ET:
Canola Price Change
Nov 679.10 up 12.20
Jan 690.80 up 8.70
Mar 700.20 up 8.90
May 706.90 up 9.80
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
10-27-23 1202ET
