By Glen Hallick, MarketsFarm
WINNIPEG, June 4 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Friday morning, claiming back some of yesterday’s losses.
There was spillover from strong gains in the Chicago soy complex, while Malaysian palm oil was down a little and European rapeseed was mixed.
The Prairies will get another strong dose of hot, dry weather on Friday, further stressing crops. Environment Canada issued heat warnings for the major crop growing areas of Manitoba and Saskatchewan plus most of southern Alberta.
The Canadian dollar edged higher this morning, with the loonie at 82.79 compared to Thursday’s close of 82.62.
The Canadian Grain Commission reported producer deliveries of canola for the week ended May 30 were up nearly 24 per cent at 296,900 tonnes. Canola exports jumped 136 per cent at 156,800 tonnes and domestic usage rose almost 29 per cent at 223,100 tonnes.
About 3,900 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change
Canola Jul 897.50 up 7.70
Nov 749.60 up 5.90
Jan 742.50 up 4.40
Mar 736.00 up 8.50
