WINNIPEG, Manitoba--ICE canola futures were higher Friday morning due to a weaker Canadian dollar, while support from comparable oils was mixed.
Faced with a stronger U.S. dollar and sharp declines in crude oil prices, the loonie fell back to 74.12 U.S. cents compared with Thursday's close of 74.41 U.S. cents.
While there were upticks in Chicago soybeans and soymeal, soyoil was stepping back. But gains in European rapeseed and Malaysian palm oil spilled over into canola.
Canola crush margins remained on the rise, further underpinning values.
Despite the cold snap for the week ended Feb. 12, the Canadian Grain Commission reported producer deliveries of canola rose 40% at 440,000 tons. Domestic usage was up 10% at 206,000 tons, but exports slipped 13.6% at 181,800 tons.
The markets in Canada and the U.S. will be closed Monday for their respective holidays. Trading is scheduled to resume that evening.
About 7,050 contracts had traded as of 9:34 a.m. ET.
Prices in Canadian dollars per metric ton at 9:34 a.m. ET:
Canola Price Change
Mar 827.90 up 4.40
May 822.10 up 3.90
Jul 819.80 up 4.00
Nov 801.60 up 3.00 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-17-23 1003ET
