WINNIPEG, Manitoba-- Intercontinental Exchange (ICE) canola futures were pushing higher at midday on Friday as they gleaned support from gains in comparable oils.
Spillover was coming from upticks in Chicago soyoil, along with European and Malaysian palm oil. While Chicago soybeans were narrowly mixed, a dip in Chicago soymeal applied a little bit of pressure. A rally in crude oil prices was spilling over into the vegetable oils.
The Canadian Grain Commission reported a meagre 1,200 tons in canola exports for the week ended Aug. 27. An analyst said the amount was all by rail or truck with no canola loaded onto vessels.
"It was a combination of no immediate export demand and waiting for the new crop to come in," the analyst said, and noted that year-to-date exports remain significantly better compared with a year ago.
The Prairies saw some scattered showers on Friday morning, with the region expected to be hot and dry through the Labor Day long weekend. The analyst said those conditions may persist through the first half of September.
Due to the long weekend trading at ICE and the Chicago Board of Trade will be closed from the end of the session on Friday through to the beginning of the overnight session on Monday.
As the U.S. dollar made gains, the Canadian dollar was pulled lower. The loonie fell to 73.64 U.S. cents compared with Thursday's close of 73.90.
Approximately 20,400 canola contracts were traded as of 11:31 EDT.
Prices in Canadian dollars per metric ton at 11:31 EDT:
Canola Price Change
Nov 812.50 up 3.80
Jan 819.40 up 5.50
Mar 822.40 up 6.90
May 821.90 up 9.30
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
09-01-23 1212ET
