WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed higher on Friday for the third consecutive day.
Support came from gains in Chicago soybeans and soymeal, as well as European rapeseed. Losses in Chicago soyoil weighed on canola values while Malaysian palm oil was relatively steady. Crude oil prices slipped back, adding more pressure on the oilseeds.
"If we can close up five dollars [per tonne] on canola...we'll be in great shape," an analyst commented, with the oilseed needing to fend off those declines in soyoil and crude oil.
Canola exports remain lackluster as the Canadian Grain Commission report the year to day tally reached 4.63 million tons versus the 6.75 million this time last year. Expectations were for Canada to ship out seven million tons in 2023/24.
Statistics Canada is scheduled to publish its next grain stocks report on Tuesday. Another analyst said it will be "the most inconsequential report of them all" from StatCan this year.
There's the possibility of a strike at Canada's two largest railways, with workers able to walk off the job as early as May 22.
The Canadian dollar was slightly higher by mid-afternoon Friday with the loonie at 73.09 U.S. cents compared to Thursday's close of 73.00.
There were 42,942 contracts traded on Friday, compared to the 35,396 contracts that changed hands on Thursday. Spreading accounted for 15,574 contracts traded.
Prices are in Canadian dollars per metric ton: Canola Price Change Jul 647.00 up 10.10 Nov 660.80 up 8.70 Jan 668.40 up 7.90 Mar 673.20 up 8.00 Spread trade prices are Canadian dollars and the volume represents the number of spreads: Months Prices Volume Jul/Nov 13.30 under to 15.60 under 6,419 Jul/Jan 21.20 under to 23.90 under 227 Nov/Jan 7.40 under to 8.90 under 1,108 Nov/Mar 12.90 under to 13.40 under 3 Jan/Mar 4.50 under to 5.20 under 27 Mar/May 0.90 under to 2.50 under 3
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-03-24 1542ET
