Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were higher on Friday morning as they received support from comparable oils.
Chicago soyoil was higher while Malaysian palm oil made sharp gains. However, European rapeseed was mostly lower. Crude oil moved upward after the European Union imposed more sanctions against Russia’s oil industry.
Rain is in the forecast for much of Saskatchewan and Alberta this weekend, as well as in southern Manitoba on Monday, which will provide much-needed moisture for the Prairie canola crop.
The Canadian dollar was up three-tenths of a United States cent compared to Thursday’s close.
Nearly 9,000 contracts were traded. Prices in Canadian dollars per metric ton as of 8:38 CDT:
Nov 702.90 up 3.00
Jan 711.20 up 2.50
Mar 717.60 up 2.90
May 722.30 up 3.30
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
