By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were trying to maintain their gains on Friday morning as support from comparable oils was dwindling.
Upticks in Chicago soybeans and soyoil were shrinking and there were slight losses in soymeal. European rapeseed and Malaysian palm oil were steady to lower. Modest increases in global crude oil prices spilled over into the vegetable oils.
Canola crush margins pulled back with the nearby January position less than C$200 per tonne above the futures.
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Statistics Canada issued its monthly crush report, showing 908,261 tonnes of canola were crushed in November, compared to 877,405 the previous November. StatCan also published its monthly grain deliveries report, with 1.64 million tonnes of canola delivered in November, well short of the 2.91 million a year ago.
The Canadian dollar was stronger on Friday morning with the loonie at 75.56 U.S. cents, compared to Thursday’s close of 75.13.
Today is the final trading day for January canola options and the first notice day for January futures is Dec. 29.
Approximately 4,950 contracts had traded by 8:41 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Jan 645.50 up 3.10 Mar 656.40 up 0.10 May 664.90 dn 0.40 Jul 671.00 dn 0.40
