ICE Canada Morning Comment: Edible oils push up canola

Gains in soy complex, rapeseed

By Glen Hallick, MarketsFarm

WINNIPEG, Jan. 8 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were on the rise Friday morning, hitting new contract highs as prices benefit from gains in other edible oils.

The Chicago soy complex was stronger, with additional support from higher European rapeseed. Meanwhile, Malaysian palm oil was slightly lower.

A higher Canadian dollar was weighing on canola values. The loonie was at 78.96 U.S. cents, compared to Thursday’s close of 78.70.

The Canadian Grain Commission reported producer deliveries of canola for the week ended Jan. 3 amounted to 372,800 tonnes. Exports came to 101,300 tonnes and domestic usage totaled 354,800 tonnes.

About 7,400 canola contracts had traded as of 8:39 CST.

Prices in Canadian dollars per metric tonne at 8:39 CST:

Price Change
Canola Mar 659.80 up 3.00
May 650.10 up 3.10
Jul 637.80 up 4.00
Nov 545.80 up 1.40

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Futures Prices as of January 8, 2021

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Milling Wheat
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New Barley
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Prices are in Canadian dollars per metric ton



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