WINNIPEG, Dec. 10 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were steady to higher on Friday morning in an attempt to correct from a string of losses this week.
Support came from gains in European rapeseed as well as in Chicago soybeans and soymeal. However, Chicago soyoil was pulling back while Malaysian palm oil was down slightly.
The support is derived in part from yesterday’s supply and demand estimates from the United States Department of Agriculture. Trade expectations of increased soybean ending stocks did not materialize. Increases in global crude oil prices also underpinned edible oil values.
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The Canadian Grain Commission reported on Thursday that for the week ended Dec. 5 producer deliveries of canola were 290,900 tonnes, down 27 per cent from the previous week. Exports tumbled 72.5 per cent at 64,400 tonnes, while domestic usage fell 23.4 per cent at 148,200 tonnes.
The Canadian Drought Monitor said yesterday that 99 per cent of the Prairies were abnormally dry to still in drought.
The Canadian dollar was virtually unchanged this morning, with the loonie at 78.72 U.S. cents compared to Thursday’s close of 78.74.
About 3,200 canola contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:36 CST:
Price Change
Canola Jan 1,008.70 up 0.70
Mar 982.90 up 1.20
May 946.70 up 0.10
Jul 899.90 up 1.10
