WINNIPEG--Intercontinental Exchange canola futures were mostly higher Friday, backing away from much larger increases earlier in the session.
Significant upticks in global crude oil prices gave way to smaller increases, taking away a measure of support for edible oils. However, canola still benefitted from gains in the Chicago soy complex, Malaysian palm oil and European rapeseed.
A trader noted canola that was lagging behind other veg oils, needing to catch up.
The Canadian Grain Commission reported producer deliveries of canola for the week ended Jan. 23 were down 44.3% at 189,400 metric tons. Canola exports increased 66% at 124,800 metric tons, and domestic usage was up 37.1 per cent at 161,400 metric tons.
The Canadian dollar was weaker at mid-afternoon, with the loonie at 78.21 U.S. cents, compared with Thursday's close of 78.67.
There were 30,039 contracts traded Friday, which compares with Thursday, when 29,069 contracts changed hands. Spreading accounted for 15,672 contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change Canola Mar 1,017.60 up 10.50 May 1,000.40 up 1.40 Jul 973.50 dn 3.10 Nov 836.20 up 4.60
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 19.30 over to 7.60 over 4,569 Mar/Jul 44.20 over to 29.90 over 150 Mar/Nov 182.90 over to 177.30 over 41 May/Jul 29.10 over to 21.10 over 2,156 Jul/Nov 149.10 over to 136.50 over 914 Nov/Jan 3.00 over to 1.20 over 6
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-28-22 1546ET