By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 15 (MarketsFarm) – Canola futures on the Intercontinental Exchange fell back on Friday morning, as pressure came from losses in the Chicago soy complex and European rapeseed.
Small declines in global crude oil prices also pulled the vegetable oils lower. However, gains in Malaysian palm oil helped to temper further declines in canola.
The advancing Prairie harvest also weighed on canola. Saskatchewan reported on Thursday its harvest was about two-thirds complete and Alberta is scheduled to publish its crop report this afternoon.
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The Prairie weather outlook for the weekend has called for virtually no rain, with daytime highs in the low-to-mid 20 degrees Celsius.
The Canadian Grain Commission reported producer deliveries of canola for the week ended Sept. 10 were up 29.5 per cent at 363,000 tonnes. At 22,700 tonnes, exports plummeted 84.4 per cent, but domestic usage rose 12.3 per cent at 170,600 tonnes.
Statistics Canada said on Thursday that its revised production estimates pegged 2023/24 canola at 17.37 million tonnes, for a drop of 7.1 per cent compared to 2022/23.
The Canadian dollar lost ground on Friday morning, with the loonie at 73.83 U.S. cents, compared to Thursday’s close of 73.99.
About 5,950 contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric tonne at 8:38 CDT:
Price Change Canola Nov 755.60 dn 3.20 Jan 763.80 dn 3.40 Mar 769.30 dn 3.70 May 776.70 dn 1.20
