By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 27 (MarketsFarm) – Intercontinental Exchange canola futures regained some lost ground in a corrective bounce at mid-morning Friday, as the oilseed gleaned support from most comparable oils.
Global crude oil prices were on the rise, which spilled over in the vegetable oils, but crude was fading from earlier gains. Increases in Malaysian palm oil and most European rapeseed contracts were supportive of canola, as were Chicago soybeans and soymeal. However, Chicago soyoil was relatively steady, providing no clear direction for canola.
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The Canadian Grain Commission reported for the week ended Oct. 22 that producer deliveries of canola came to 365,500 tonnes, slipping back from the previous week. Exports nudged up to 218,700 tonnes, while domestic usage retreated to 209,000 tonnes.
A report said grain shipments through the St. Lawrence Seaway were being delayed due the six-day-old strike by seaway workers. Talks between Unifor and the seaway’s management company have yet to resume.
The Canadian dollar was pulling back at mid-Thursday morning with the loonie slipping to 72.21 U.S cents compared to Thursday’s close of 72.34.
Approximately 18,700 canola contracts were traded as of 10:16 CDT.
Prices in Canadian dollars per metric tonne at 10:16 CDT:
Price Change Canola Nov 679.10 up 12.20 Jan 690.80 up 8.70 Mar 700.20 up 8.90 May 706.90 up 9.80
