By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were losing traction at mid-session Friday, seeing earlier gains turn into small losses.
Pressure on the canola was coming from declines in Chicago soyoil and European rapeseed. Gains in Malaysian palm oil along with those in Chicago soybeans and soymeal helped to stymie further losses. Small upticks in global crude oil prices provided a little bit of spillover for vegetable oils.
Producer deliveries of canola for the week ended Jan. 14 were not as impeded by the frigid temperatures across the Canadian Prairies as was expected. For the week ended Jan. 14, deliveries of 247,000 tonnes were slightly more than the previous week. Canola exports tumbled back to only 34,500 tonnes, but domestic usage rose to 200,400 tonnes.
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Canola crush margins eased back with the old crop positions between C$170 to C$180 per tonne above the futures.
By late-Friday morning the Canadian dollar was higher with the loonie at 74.27 U.S cents, compared to Thursday’s close of 74.05.
Approximately 21,400 canola contracts were traded as of 10:22 CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 631.30 dn 0.50 May 637.50 dn 1.10 Jul 641.70 dn 1.50 Nov 637.90 dn 2.80
