By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 18 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Friday morning, with pressure coming from setbacks in the global crude oil prices as well as losses in Chicago soybeans and soyoil.
There were small gains in Chicago soymeal plus higher increases in European rapeseed, but they couldn’t pull canola into the green. The Malaysian palm oil market is closed today.
Pressure continued to come from the renewed Black Sea export deal that Russia agreed to yesterday.
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Meanwhile, large crush margins continued to underpin the Canadian oilseed.
The Canadian Grain Commission reported canola exports for the week ended Nov. 13 climbed more than 46 per cent at nearly 295,000 tonnes. The year-to-date exports were just short of 2.1 million tonnes, about 8.5 per cent more than this time last year.
The Canadian dollar was lower on Friday morning. The loonie pulled back to 74.70 U.S. cents compared to Thursday’s close of 74.91.
About 8,000 contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric tonne at 8:39 CST:
Price Change Canola Jan 856.70 dn 5.00 Mar 842.30 dn 7.40 May 843.50 dn 7.60 Jul 846.30 dn 7.60
