ICE Canada Morning Comment: Canola declines continue

Source: Canadian Cattlemen

By Glen Hallick, MarketsFarm

WINNIPEG, March 26 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Friday morning, continuing from yesterday’s declines in what has been a volatile market.

Chicago soyoil was higher, but there were losses in Malaysian palm oil. European rapeseed was mixed with its gains in the immediate months.

Tightening supplies remained a supportive influence on canola, but speculative profit-taking weighed on values.

The Canadian Grain Commission released its weekly grain movement report on Thursday. For the week ended March 21, producer deliveries of canola were 384,300 tonnes and down more than 10 per cent from the previous week. Canola exports dropped almost 58 per cent at 129,100 tonnes. Domestic usage was at 207,000 tonnes and up nearly four per cent on the week.

The Canadian dollar was higher, with the loonie at 79.56 U.S. cents, compared to Thursday’s close of 79.33.

About 2,500 canola contracts had traded as of 8:40 CDT.

Prices in Canadian dollars per metric tonne at 8:40 CDT:

Price Change
Canola May 779.90 dn 1.60
Jul 731.20 dn 1.20
Nov 608.30 dn 1.20
Jan 611.50 dn 1.30