WINNIPEG, Manitoba--Intercontinental Exchange canola futures pressed ahead at midday on Friday with more gains on top of yesterday's corrective bounce.
As another round of increases in global crude oil prices spilled over into vegetable oils, that led to upticks in European rapeseed and Malaysian palm oil. While the Chicago soy complex was higher as well, soyoil had barely budged above unchanged, which limited canola's upside.
The U.S. Agriculture Department is set to release its December supply and demand estimates at 11 a.m. central time. An analyst said this report is very likely to have little effect on the commodity markets.
Snow was falling or forecast to fall over most of the Prairies on Friday, which could benefit areas with dry conditions.
Canola crush margins were higher, as the nearby January and March positions exceeded C$200 per ton above the futures.
The Canadian dollar was virtually unchanged on Friday morning with the loonie at 73.54 U.S cents.
Approximately 29,800 canola contracts were traded as of 11:29 a.m. ET, with prices in Canadian dollars per metric ton at:
Canola Price Change Jan 672.60 up 6.00 Mar 680.20 up 5.00 May 687.60 up 4.80 Jul 692.40 up 4.10
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
12-08-23 1203ET
