WINNIPEG, Manitoba--ICE canola futures were pushing higher Friday morning, getting support from gains in European rapeseed and Malaysian palm oil.
While additional support came from increases in Chicago soybeans and soymeal, lower soyoil weighed on canola values. Meanwhile, weakness in global crude oil prices put pressure on vegetable oils.
The Canadian Grain Commission reported a drop of almost 30% in producer deliveries of canola for the week ended Feb. 26 at 293,700 tons. Exports edged up 2% on the week at 194,700 tons and domestic use rose 10% at 198,000 tons.
The Canadian dollar was slightly lower with the loonie at 73.34 U.S. cents compared with Thursday's close of 73.45 U.S. cents.
About 6,400 contracts had traded as of 9:35 a.m. ET.
Prices in Canadian dollars per metric ton at 9:35 a.m. ET:
Canola Price Change
May 827.60 up 2.30
Jul 822.70 up 1.90
Nov 799.00 up 2.60
Jan 804.60 up 3.30 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-03-23 1002ET
