By Glen Hallick, MarketsFarm
WINNIPEG, June 10 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures continued lower on Friday morning, adding to the losses incurred yesterday.
While Chicago soymeal was on the rise, soybeans and soyoil were falling back. There were steep losses in Malaysian palm oil while European rapeseed was mixed. Small declines in global crude oil prices added pressure on vegetable oils.
Rain is in the weekend Prairie forecast, with greater amounts in the northern half of the region.
Saskatchewan reported yesterday that spring planting throughout the province reached 91 per cent complete, which is six points behind the five-year average. Alberta is scheduled to issue its weekly crop report this afternoon.
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The Canadian Grain Commission said canola exports improved from last week’s mere 900 tonnes, reporting more than 30,000 tonnes were outbound for the week ended June 5.
The United States Department of Agriculture will release its monthly supply and demand estimates at 11 am CDT. The markets have been positioning ahead of the report.
In the face of a stronger U.S. dollar, the Canadian dollar was weaker on Friday morning. The loonie fell to 78.23 U.S. cents, compared to Thursday’s close of 79.09.
About 4,400 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Jul 1,109.90 dn 9.10
Nov 1,042.60 dn 18.50
Jan 1,047.20 dn 18.50
Mar 1,050.70 dn 17.70
