By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 25 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Friday morning.
Weakness was found throughout comparable oils, with a significant downturn in the Chicago soy complex, as well as European rapeseed and Malaysian palm oil. Declines in global crude oil helped to spur on the losses in edible oils.
The Canadian Grain Commission reported producer deliveries of canola for the week ended Feb. 20 were 301,700 tonnes, for an 8.6 per cent increase over the previous week. Canola exports also improved, rising 105.5 per cent at 138,500 tonnes. Domestic usage rose 19.4 per cent at 189,900 tonnes.
The Canadian dollar swung higher on Friday morning, as the United States dollar gave up some ground. The loonie climbed to 78.25 U.S. cents, compared to Thursday’s close of 77.93.
About 4,950 canola contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric tonne at 8:39 CST:
Price Change
Canola Mar 1,053.50 dn 11.90
May 1,042.00 dn 10.00
Jul 1,010.20 dn 8.20
Nov 872.00 dn 8.70
