By Glen Hallick, MarketsFarm
WINNIPEG, May 22 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to higher on Friday morning after taking notable losses on Thursday due to spillover from the Chicago soy complex.
The complex took collateral damage as tensions continued to mount between the United States and China, putting the Phase One trade deal at risk.
Temperatures on the Prairies are to slip into the teens Celsius for the weekend, as two rain systems move across the region.
Saskatchewan reported yesterday that 51 per cent of the crops have been planted. About 38 per cent of the province’s canola has been seeded. Alberta releases its weekly crop report later today.
The Canadian Grain Commission reported yesterday that farmer deliveries were 296,000 tonnes for the week ended May 17. That’s down almost 20 per cent from the previous week. Exports of 131,700 tonnes were lower by five per cent, and domestic usage dropped 20.5 per cent at 188,400 tonnes.
The U.S. markets will be closed for most of Monday for Memorial Day. Trading will resume at 7 p.m. Central on Monday, which means a quiet day for canola.
The Canadian dollar was lower Friday morning at 71.20 U.S. cents, compared to Thursday’s close of 71.76.
About 3,100 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric tonne at 8:48 CDT:
Canola Jul 467.80 up 0.60
Nov 474.30 up 0.20
Jan 480.90 up 0.30
Mar 487.20 up 0.90