By Glen Hallick, MarketsFarm
WINNIPEG, March 11 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures lower on Friday morning, following the Chicago soy complex to the downside.
Pressure also came from significantly weaker Malaysian palm oil values, while European rapeseed was mixed. Global crude oil prices were steady to higher, providing a small amount of spillover to edible oils.
Weakness in comparable oils followed reports that there could be a meeting between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky.
Tight supplies and uncertainty over the coming spring melt on the Prairies were underpinning canola values.
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The Canadian Grain Commission reported producer deliveries of canola for the week ended March 6 were up 51 per cent at 316,300 tonnes. Canola exports rose 28 per cent on the week at 76,800 tonnes. Domestic usage stepped back eight per cent at 168,300 tonnes.
The Canadian dollar was higher on Friday morning with the loonie at 78.66 U.S. cents, compared to Thursday’s close of 78.27.
A reminder that those jurisdictions switching to Daylight Savings Time will officially do so on Sunday at 2 am with clocks moving ahead one hour.
About 2,500 canola contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric tonne at 8:40 CST:
Price Change
Canola May 1,124.50 dn 6.20
Jul 1,092.80 dn 3.60
Nov 920.20 dn 6.30
Jan 919.00 dn 6.10
