WINNIPEG--The ICE Futures canola market was up sharply Friday, finding spillover support from outside vegetable oil markets. European rapeseed and Malaysian palm oil futures both set fresh contract highs overnight, with Chicago soyoil also posting solid gains. Tight supplies and drought concerns were also supportive, although seasonal harvest pressure did temper those gains.
WINNIPEG, Manitoba-- The ICE Futures canola market was stronger at midday Friday, taking some direction from Chicago Board of Trade soyoil. European rapeseed and Malaysian palm oil futures both set fresh contract highs overnight, lending some support to the North American oilseed markets as well. A weaker tone in the Canadian dollar was also supportive for canola.
Intercontinental Exchange canola futures were slightly higher on Friday morning, clinging on to gains made during the overnight session. There was little direction from comparable oils as the Chicago soy complex was slightly lower, while European rapeseed was up a little bit and Malaysian palm oil was narrowly mixed. The uncertainty over how much the 2021/ 22 crop will amount to has continued to underpin canola values.
In more than 50 years growing bananas on the Spanish island of La Palma, Antonio Brito Alvarez has never seen anything like the devastation wrought by the Cumbre Vieja volcano, which has been spewing out molten rock and ash since Sunday.
U.S. wheat futures edged higher on Friday to linger near a two-week high as concerns about global supplies stemming from adverse weather pushed the grain towards its second straight weekly gain. FUNDAMENTALS.
WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Thursday, underpinned by solid demand and gains in outside markets. European rapeseed and Malaysian palm oil futures both set fresh contract highs overnight. Chicago Board of Trade soyoil futures were also stronger.
WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Thursday, hitting its highest levels in a week as steady demand underpinned the futures. European rapeseed contracts climbed to fresh highs overnight, which provided spillover support for the Canadian oilseed. Chicago Board of Trade soyoil futures were also stronger, although off their earlier highs by midday.
Intercontinental Exchange canola futures were higher Thursday morning, gleaning support from gains in Chicago soyoil, European rapeseed and Malaysian palm oil. Also, uncertainty over this year's Prairie crop continued to underpin canola values. Daytime temperatures are forecast to be in the mid to high teens Celsius in the western Prairies and the low 20' s in the eastern half.
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