The ICE Futures canola market was in a downturn on Friday as traders positioned themselves ahead of Statistics Canada’s principal field crop production report on Dec. 4.
Losses in the Chicago soy complex were hurting canola prices, while European rapeseed and Malaysian palm oil were also lower. Crude oil was slightly higher after OPEC+ announced “voluntary production cuts” from its member nations on Thursday.
The Canadian dollar was up one-quarter of a United States cent compared to Thursday’s close.
One trader said that breakdowns in soymeal, a stronger loonie and relative weakness in crude oil have created a “soft environment” for canola. However, the trader acknowledged that canola had already been under pressure over the past few weeks.
About 33,500 contracts have traded at 10:10 CST. Prices in Canadian dollars per metric tonne:
Price Change
Jan 687.40 dn 12.90
Mar 695.70 dn 9.70
May 703.50 dn 7.80
Jul 710.70 dn 6.10
