Glacier FarmMedia — The ICE canola market was weaker Friday morning, taking some direction from losses in the Chicago soy complex.
Losses in crude oil accounted for some of the spillover selling pressure in the vegetable oil markets, with Malaysian palm oil and European rapeseed futures also down on the day.
The ongoing lack of export sales to China remained a bearish influence overhanging the market. Canada exported 80,500 tonnes of canola during the week ended Oct. 5, with crop-year-to-date exports of 796,100 tonnes running well behind the 1.95 million tonnes exported through the first nine weeks of the previous crop year.
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The canola harvest is in its final stages across Western Canada, with generally favourable quality and yields, according to provincial reports.
The canola market will be closed Monday for Canadian Thanksgiving, while grains and oilseeds in the United States will trade their usual hours. Positioning ahead of the long weekend could account for some activity in canola through Friday’s session.
About 12,000 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Canola Nov 612.50 dn 4.40
Jan 627.10 dn 4.30
Mar 638.00 dn 4.30
May 647.50 dn 4.60
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
