By Glen Hallick, MarketsFarm
WINNIPEG, July 10 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were either side of steady on Friday morning, searching for direction.
The Chicago soy complex was gaining strength, while European rapeseed and Malaysian palm oil were down.
The Canadian dollar was slightly lower at 73.63 U.S. cents, compared to Thursday’s close of 73.77.
The Canadian Grain Commission reported yesterday that producer deliveries of canola were 358,200 tonnes for the week ending July 5. Canola exports were 142,600 tonnes and domestic usage was 168,500 tonnes. Each was down 26 to 28 per cent from the previous week.
G3 opened its 180,000-tonne grain terminal in Vancouver earlier this week. The facility is reported to be the first grain terminal built in the area in 50 years.
The United States Department of Agriculture issues its monthly supply and demand report at 11 am Central. The markets will be jockeying for position until then.
About 3,500 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric tonne at 8:42 CDT:
Canola Nov 482.40 up 1.00
Jan 488.90 up 0.40
Mar 494.00 dn 0.10
May 497.10 dn 0.90