Glacier FarmMedia MarketsFarm – The ICE Futures canola market retreated on Friday in the middle of an overall down day for grains and comparable oils.
The Canadian Grain Commission reported only 101,100 tonnes of canola exports during the week ended March 17, less than half from the previous week. Cumulative exports for the 2023-24 marketing year total 3.786 million tonnes, down 33.5 per cent from last year.
Chicago soyoil, European rapeseed and Malaysian palm oil all saw negative price movement. Crude oil prices also had modest declines.
The Canadian dollar was down one-third of a United States cent compared to Thursday’s close, limiting canola’s losses.
One analyst claimed that farmer selling was bringing down soybean prices, while another said there may be a plateau in palm oil prices. Both events were likely spilling weakness over to canola.
About 18,800 contracts have traded at 10:13 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 632.40 dn 10.50
Jul 642.30 dn 10.10
Nov 650.60 dn 9.90
Jan 659.30 dn 9.00
