By Glen Hallick, MarketsFarm
WINNIPEG, March 12 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Friday morning, after spiking the previous day.
While Malaysian palm oil was higher there were declines in Chicago soyoil and European rapeseed.
Also, canola has been looking overpriced, which weighed on values.
A higher Canadian dollar added to the declines in canola. On Friday morning the loonie was at 79.73 U.S. cents, compared to Thursday’s close of 79.61.
However, tight supplies continued to be an underpinning influence to temper further losses. The demand for canola remained strong as illustrated by the latest weekly report from the Canadian Grain Commission. For the week ended March 7, canola exports were 254,400 tonnes and up six percent from the previous week. Domestic usage was 206,700 tonnes, for an increase of 6.3 per cent. However, producer deliveries were down 7.3 per cent at 431,200 tonnes.
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About 3,200 canola contracts had traded as of 8:37 CST.
Prices in Canadian dollars per metric tonne at 8:37 CST:
Price Change
Canola May 792.50 dn 9.00
Jul 746.60 dn 7.50
Nov 628.80 dn 5.90
Jan 632.40 dn 6.00
