By Glen Hallick, MarketsFarm
WINNIPEG, July 23 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Friday morning, in choppy trading with gains in the front months.
Support was coming from increases in Chicago soyoil, European rapeseed and Malaysian palm oil. Meanwhile, Chicago soybeans and soymeal were pulling back.
The five-day weather forecast for the Prairies has called for continuing warm temperatures and little or no precipitation for the region, especially the southern and central areas.
The Saskatchewan crop report shook up the markets shortly before yesterday’s close. Although prices had been pulling back larger losses, the report pushed canola into the green for a few moments, then ending the session mixed. The province’s canola rated a mere 18 per cent good to excellent as drought and insects have taken their toll on this year’s crop.
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By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures finished lower in choppy trading on Friday,…
The Canadian Grain Commission reported producer deliveries of canola for Week 50 of the marketing year were 172,900 tonnes and down 8.1 per cent from the previous week. At 97,000 tonnes, canola exports jumped more than 380 per cent, while domestic usage rose 19.2 per cent at 189,200 tonnes.
The Canadian dollar was relatively steady this morning, with the loonie at 79.51 U.S. cents compared to Thursday’s close of 79.57.
About 3,100 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric tonne at 8:41 CDT:
Price Change
Canola Nov 880.50 dn 0.80
Jan 865.00 dn 1.70
Mar 847.80 dn 2.60
May 828.70 dn 3.00
