By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures attempted regain some of their losses on Friday morning, despite mixed signals.
While Chicago soyoil and Malaysian palm oil were to the downside, European rapeseed pushed higher. There were also increases in Chicago soybeans and soymeal. Small upticks in global crude oil prices lent some support to the vegetable oils.
Scale-down end user buying was likely providing some support to the Canadian oilseed, but demand continued to be lagging with a significant amount still in farmers’ bins.
Read Also
Canadian Financial Close: Loonie returns above 72 U.S. cents
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar on Friday finally turned around to close higher,…
The Canadian Grain Commission reported year-to-date producer deliveries of canola as of Feb. 11 were down 16.6 per cent from a year ago at 8.92 million tonnes. At 3.87 million tonnes, canola exports trailed last year by 28 per cent. However, domestic use was up 5.2 per cent of a year ago at nearly 5.81 million tonnes.
The Canadian dollar was relatively steady on Friday morning, with the loonie dipping to 74.08 U.S. cents compared to Thursday’s close of 74.11.
The last trade date for March grain options is set for Feb. 23 and the first notice day is Feb. 29.
Also, the markets in Canada and the United States will be closed for respective holidays on Feb. 19.
Approximately 9,000 contracts had traded by 8:39 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 573.00 up 6.00 May 582.50 up 5.50 Jul 592.30 up 5.50 Nov 598.80 up 5.90
