WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed higher Friday due to spillover from gains in comparable oils.
While there were increases in Chicago soyoil, soybeans were mixed and soymeal was lower. Additional support came from upticks in Malaysian palm oil and European rapeseed. Higher global crude oil prices lent support to the vegetable oils. Canola exports for the week ended Aug. 27 were only 1,200 metric tons, all shipped by rail or truck into the United States.
However after weeks into the 2023/24 marketing year, canola exports remained far ahead of those this time last year. The weather outlook for the Prairies is for the region to be hot and dry through the Labor Day long weekend.
Alberta is set to issue its crop report later this afternoon. Last week the overall provincial harvest was about 11% complete with canola at 1% finished.
The Canadian dollar was weak at mid-afternoon Friday due to renewed strength in the United States dollar. The loonie falls to 73.52 U.S. cents, compared to Thursday's close of 73.90.
There were 32,661 contracts traded on Friday, which compares with Thursday when 21,948 contracts changed hands.
Spreading accounted for 21,158 contracts traded.
Prices are in Canadian dollars per metric ton:
Price Change
Nov 811.40 up 2.70
Jan 818.40 up 4.50
Mar 822.00 up 6.50
May 822.00 up 9.40
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Nov/Jan 4.70 under to 7.00 under 5,372 Nov/Mar 5.50 under to 10.80 under 745 Nov/May 8.40 under to 9.60 under 186 Nov/Jul 3.90 over to 4.70 over 6 Nov/Nov 35.50 over to 35.00 over 12 Jan/Mar 0.50 under to 4.00 under 4,030 Jan/May 3.10 over 1 Mar/Jul 6.10 over to 5.80 over 10 May/Jul 5.10 over to 4.20 over 185 Jul/Nov 41.70 over to 39.00 over 32
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
09-01-23 1543ET
