By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 20 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher Friday morning, in a show of independent strength and as the Canadian dollar took a tumble.
The loonie was at 77.57 U.S. cents, compared to Thursday’s close of 78.18. Over the course of a week the loonie has lost nearly two and a half cents, which makes Canadian exports, such as canola, more palatable to foreign buyers.
Rain and cooler temperatures were dominating the Prairies this morning. Highs were forecast to be in the high teens to low 20 degrees Celsius. Two systems have or will bring precipitation to the region, one out of the Rockies and the other from the United States.
Chicago soybeans and soymeal were slightly higher, while soyoil was lower. There were moderate increases in European rapeseed, while Malaysian palm oil incurred small declines.
About 4,150 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change
Canola Nov 896.60 up 5.70
Jan 882.40 up 5.10
Mar 862.60 up 3.30
May 845.60 up 9.60
