WINNIPEG, Manitoba-- Canola futures on the Intercontinental Exchange on Friday were supported by stronger comparable oils and traders squaring their positions ahead of the weekend.
Crude oil gained approximately US$1 per barrel as markets await the latest news regarding a new deal to reopen the Strait of Hormuz. Meanwhile, Chicago soyoil and European rapeseed were higher. Malaysian palm oil declined.
At mid-afternoon, the Canadian dollar was up more than four-tenths of a United States cent compared to Thursday's close. Statistics Canada reported today that Canada added 75,000 jobs in July and its unemployment rate dropped to 6.4 per cent, the lowest level in two years.
There were 59,073 canola contracts traded on Friday, compared to Thursday when 40,187 contracts changed hands. Spreads accounted for 32,814 contracts in today's trade.
Settlement prices are in Canadian dollars per metric tonne.
