By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were higher on Friday morning, following the resumption of activity at the Chicago Board of Trade after the Independence Day holiday.
The Chicago soy complex saw losses in soybeans and soyoil while soymeal was higher.
Some of the ‘gusto’ of stronger Malaysian palm oil and European rapeseed values were held off for now, as palm oil stepped back and rapeseed was mixed. Crude oil prices were virtually unchanged, giving little direction to the oilseeds.
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November canola remained below its 50 and 200-day moving averages but was still above its 20 and 100-day averages.
Saskatchewan reported its canola continued to lag behind in its development, with 48 per cent at the rosette stage along with 26 per cent bolting. The remainder of the oilseed was still at the seedling stage or advanced to flowering.
With four weeks left in the 2023/24 marketing year, canola exports already exceeded Agriculture and Agri-Food Canada’s target of six million tonnes. The Canadian Grain Commission reported exports of 252,300 tonnes for the week ending June 30, which brought the year-to-date to almost 6.29 million tonnes. However, that’s nearly 1.36 million tonnes less than a year ago.
The Canadian dollar eased back on Friday morning, with the loonie dipping to 73.38 U.S. cents compared to Thursday’s close of 73.46.
Approximately 11,150 contracts had traded by 8:47 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 653.60 up 3.70 Jan 663.70 up 3.70 Mar 670.90 up 4.20 May 674.60 up 3.60
