By Glen Hallick
Glacier Farm Media MarketsFarm – Canola futures on the Intercontinental Exchange were slipping back Friday morning, pulled down by pressure from declines in the Chicago soy complex and European rapeseed. Meanwhile, gains in Malaysian palm lent some support to help stymie further losses.
Global crude oil prices were a pinch lower, offering little direction to the oilseeds.
The United States Department of Agriculture is set to release its monthly supply and demand estimates today at 11 am CST. While the report is not expected to be a market mover, any changes might be felt in canola.
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Statistics Canada is scheduled to publish its planted area estimates for 2024 on Mar. 11, with the trade on either side of the 22.1 million acres seeded last spring.
The Canadian Grain Commission reported producer deliveries of canola for the week ended Mar. 3 slipped from the previous week to 348,800 tonnes. Exports were relatively steady at 78,100 tonnes and domestic usage nudged up to 174,100 tonnes.
Canola crush margins bumped up a few dollars with the May and July positions between C$167 to C$169 per tonne above the futures.
The Canadian dollar was slightly higher on Friday morning, with the loonie climbing to 74.38 U.S. cents compared to Wednesday’s close of 74.22.
A reminder that Daylight Savings Time across much of North America begins Sunday at 2 am.
Approximately 14,450 contracts had traded by 8:47 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola May 604.00 dn 1,40 Jul 612.00 dn 1.30 Nov 618.00 dn 1.30 Jan 623.30 dn 1.60
