By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 13 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Friday, hitting new contract highs in a bull market.
A Winnipeg-based trader said support was coming from Chicago soyoil thanks to a strong weekly export sales report. The United States Department of Agriculture (USDA) reported 88,000 tonnes of soyoil were sold for the week ended Nov. 5, which was at the top end of market expectations.
“Usually when we see big beanoil exports, somebody is picking away at canola,” the trader commented.
He also cited increased technical buying, dryness in South America, good edible oil prices and a lower Canadian dollar as supportive factors.
The Canadian dollar was lower at 75.94 U.S. cents, compared to Thursday’s close of 76.20.
The Canadian Grain Commission reported producer deliveries of canola were 426,500 tonnes for the week ended Nov. 8. Canola exports were 285,900 tonnes and domestic usage was at 206,000 tonnes.
Approximately 12,300 canola contracts were traded as of 10:44 CST.
Prices in Canadian dollars per metric tonne at 10:44 CST:
Price Change
Canola Jan 562.70 up 2.80
Mar 566.10 up 2.90
May 565.60 up 2.60
Jul 563.00 up 2.20
