WINNIPEG, Manitoba--Intercontinental Exchange canola futures were bouncing back at midsession Friday, with the gains starting in the overnight session.
Strong upticks in Chicago soybeans and soyoil provided support for canola, while soymeal was down a little. Increases in European rapeseed also spilled over, but pressure came from declines in Chicago soymeal and Malaysian palm oil. Slight gains in global crude oil prices provided additional support to the vegetable oils.
The Canadian Grain Commission reported producer deliveries of canola for the week ended March 26 were 377,900 metric tons, up 3.6% from the previous week. Canola exports came to 268,700 metric tons, for an increase of 42.3%. Domestic usage was 221,100 metric tons, up 11.4%.
The U.S. Department of Agriculture is set to release its prospective plantings and quarterly grain stocks reports at 11 a.m. CDT. Both reports are expected to have an influence on the Chicago Board of Trade, affecting prices in Canada as well.
The Canadian dollar was virtually unchanged Friday, with the loonie at 73.90 U.S. cents, compared with Thursday's close of 73.89.
Approximately 15,650 canola contracts were traded as of 11:31 a.m. EDT.
Prices in Canadian dollars per metric ton at 11:31 a.m. EDT:
Price Change
Canola May 775.30 up 10.70
Jul 756.60 up 10.90
Nov 728.80 up 10.90
Jan 732.90 up 11.60
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-31-23 1200ET
