WINNIPEG, Manitoba-- The ICE Futures canola market sought to end the week on a high note, receiving support from the U.S. soy complex and comparable oils.
Soybeans as well as Chicago soyoil and soymeal were up, as was Malaysian palm oil. European rapeseed was lower on the nearby contracts but higher on the deferreds. Crude oil was higher after comments from U.S. Federal Reserve Chairman Jerome Powell indicated a further increase in benchmark interest rates.
One trader said that canola is reacting to the Chicago soy complex, which was "jittery" due to a dry weather forecast for September. An analyst also said canola could hit C$840 per ton over the next few weeks.
The Canadian dollar was down more than one-third of a U.S. cent compared with Thursday's close.
About 14,750 contracts had traded as of 10:27 CDT.
Prices in Canadian dollars per metric ton:
Canola Price Change
Nov 814.50 up 4.60
Jan 821.30 up 4.30
Mar 824.80 up 5.30
May 823.50 up 5.10
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
08-25-23 1215ET
