By Glen Hallick, MarketsFarm
WINNIPEG, July 8 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures stepped back on Friday morning as comparable oils lost strength.
The Chicago soy complex saw declines in the nearby August contracts for soybeans and soymeal, while that for soyoil was slightly higher. European rapeseed eased lower while the off session of Malaysian palm oil bumped up a little. Global crude oil prices were on the rise providing spillover support to vegetable oils.
With the United States Department of Agriculture set to release its monthly supply and demand estimates on Tuesday, the markets will be positioning ahead of the report with spillover affecting canola.
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Saskatchewan issued its weekly crop report yesterday, noting the province’s crops are in good shape, but somewhat behind their normal pace of development. Alberta will release its crop report later today.
Yesterday the Canadian Grain Commission issued its grain movement report for the week ended July 3. At 151,900 tonnes producer deliveries of canola were down from the previous week. Exports more than doubled to 99,100 tonnes, while domestic usage increased to 170,900 tonnes.
The Canadian dollar was virtually unchanged on Friday morning, with the loonie at 76.03 U.S. cents, compared to Thursday’s close of 77.01.
About 2,650 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Nov 846.10 dn 3.00
Jan 851.80 dn 4.20
Mar 859.00 dn 4.00
May 864.50 dn 4.50
