By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were lower on Friday morning, as the advancing Prairie harvest and a lack of support from most comparable oils weighed on values.
Saskatchewan reported its provincewide harvest reached 84 per cent finished with the canola at 71 per cent complete. Alberta is set to issue its crop report this afternoon.
Chicago soybeans and soymeal were down a pinch, but there were increases in the soymeal. Malaysian palm oil and MATIF rapeseed were steady to lower. Upticks in crude oil moderated the declines in the vegetable oils.
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Most temperatures across the Prairies today will be in the mid to high teens Celsius, while southern Manitoba is to climb into the low to mid 20s.
More canola was delivered during the week ended Sept. 28, with the Canadian Grain Commission reporting producers brought in more than 658,000 tonnes compared to almost 500,000 the previous week. The CGC said exports improved a little, but nearly 716,000 tonnes they’re more than one million tonnes behind this time last year.
The Canadian dollar was holding firm on Friday morning, with the loonie at 71.65 U.S. cents, compared to Thursday’s close of 71.62.
Approximately 7,700 contracts were traded by 8:34 CDT and prices in Canadian dollars per metric tonne were:
Price Change
Canola Nov 609.10 dn 4.70
Jan 622.40 dn 4.40
Mar 633.90 dn 3.90
May 643.80 dn 3.40
