WINNIPEG, Manitoba -- Canola futures on the Intercontinental Exchange were pushing higher on Friday morning, getting spillover from sharp upticks in Chicago soyoil.
Additional support came from gains in Chicago soybeans and soymeal, as well as Malaysian palm oil and European rapeseed.
Increases in global crude oil prices underpinned the vegetable oils.
Other than rain for parts of southern Manitoba, the majority of the Prairies are to be dry on Friday with mild temperatures.
Saskatchewan reported on Thursday that its overall province-wide harvest reached 21% complete, with canola at 4% finished. Alberta is scheduled to publish its crop report later today.
Statistics Canada is set to release its model-based production estimates on Tuesday at 7:30 am CDT. Ahead of the report, the average trade guess pegged canola production for 2023/24 at 17.4 million metric tons, lower than Agriculture and Agri-Food Canada's forecast of 18.8 million.
The Canadian Grain Commission reported producer deliveries of canola for the week ended Aug. 20 amounted to 167,000 metric tons, higher than what came in during the previous week. Canola exports dipped slightly to 76,200 metric tons and domestic usage eased back to 171,900 metric tons. However, the totals after three weeks into the 2023/24 crop year remained ahead of those a year ago.
The Canadian dollar dropped to 73.58 U.S. cents compared to Thursday's close of 73.72.
About 5,600 contracts had traded as of 9:46 a.m. EDT.
Canola prices in Canadian dollars per metric ton at 9:46 EDT:
Price Change Nov 814.30 up 4.30 Jan 821.30 up 4.40 Mar 824.60 up 5.10 May 824.20 up 5.80
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
08-25-23 1037ET
