By Glen Hallick, MarketsFarm
WINNIPEG, April 16 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher at midday on Friday due the rolling out of the May contract.
The July and November contracts were a little back from their highs today.
A Winnipeg-based trader noted May is especially expensive at this time. He added that canola has been getting spillover support from gains in Chicago soyoil.
“It’s the big game in town, keeping canola well underpinned,” the trader commented.
Increases in European rapeseed and Malaysian palm oil were also supportive of canola.
The Canadian Grain Commission reported producer deliveries of canola were up 45.5 per cent at 455,400 tonnes for the week ended April 11. Exports of 109,700 tonnes were dropped 63.2 per cent and domestic usage dipped 2.4 per cent at 206,400 tonnes.
The Canadian dollar was a pinch short of 80 U.S. cents, which compared to Thursday’s close of 79.81.
Approximately 16,000 canola contracts were traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Canola May 829.90 up 0.60
Jul 768.70 up 8.30
Nov 648.90 up 7.10
Jan 649.50 up 6.90