By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were posting small gains on Friday morning, although support from comparable oils waned.
Aside from slight increases in Chicago soymeal, there were losses in soybeans and soyoil, as well as in MATIF rapeseed and Malaysian palm oil. Crude oil was a pinch higher, offering some upward direction to the vegetable oils.
The January canola contract pushed above its 20-day moving average and was less than C$5 from its 50-day average.
The Canadian Grain Commission postponed its grain statistics weekly report to today. As of last week, canola exports continued to be well behind those from a year ago, while domestic use was slightly ahead.
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There are thoughts in the trade that Canada’s canola harvest could top 21 million tonnes or push as high as 22 million. Statistics Canada is scheduled to release its next production report in early December.
The Canadian dollar fell back on Friday morning, with the loonie at 71.33 U.S. cents compared to Thursday’s close of 71.46.
Approximately 11,800 contracts were traded by 8:37 CDT and prices in Canadian dollars per metric tonne were:
Price Change
Canola Nov 619.90 up 1.40
Jan 635.00 up 1.20
Mar 647.40 up 1.20
May 658.90 up 1.60
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
