By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 26 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower Friday morning as trading volumes significantly increased overnight.
After being closed for Thanksgiving the United States futures markets resume trading today for an abbreviated session, with the close at 12:05 CST. However, ICE canola remains with its regular schedule.
Steep declines in global crude oil prices generated significant losses in the Chicago soy complex, European rapeseed and Malaysian palm oil, which all put pressure on canola values.
Tight supplies, price rationing, along with concerns over a disappointing Prairie harvest and the prospect of the drought continuing into spring, were attempting to temper further losses in canola.
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There will be a better bead on this year’s harvest come Dec. 3 when Statistics Canada issues its production report.
The Canadian Grain Commission reported producer deliveries of canola were down 41.9 per cent at 329,300 tonnes for the week ended Nov. 21. Exports climbed 66.6 per cent at 211,400 tonnes and domestic usage was up 8.7 per cent at 188,700 tonnes. There was a 14 per cent draw down on commercial stocks on the week, which are now at 1.54 million tonnes.
The Canadian dollar was weaker this morning, with the loonie at 78.26 U.S. cents compared to Thursday’s close of 79.03.
About 7,950 canola contracts had traded as of 8:37 CST.
Prices in Canadian dollars per metric tonne at 8:37 CST:
Price Change
Canola Jan 1,026.30 dn 7.10
Mar 995.30 dn 6.50
May 953.40 dn 10.40
Jul 907.50 dn 13.10
