By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were narrowly mixed on Friday morning, attempting to pull away from two-month lows.
Support for canola was coming from gains in Chicago soybeans and soymeal, along with European rapeseed. Sharp declines in Malaysian palm oil and more modest losses in Chicago soyoil pressured canola. Crude oil was narrowly mixed, providing little direction to the vegetable oils.
The January canola contract was below the psychological support level of C$600 per tonne and its major moving averages.
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The Canadian Grain Commission reported for the week ended Nov. 17 producer deliveries of canola stepped back to 383,500 tonnes. Canola exports were also lower at 189,500 tonnes, while domestic use bumped up to 237,400 tonnes.
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The canola market kept an eye on two influences in the background. As the possibility of China imposing tariffs on Canadian canola weighed on values, ideas of Statistics Canada reducing its estimate on canola production this harvest provided support.
The Canadian dollar was slightly lower on Friday morning, with the loonie at 71.59 U.S. cents compared to Thursday’s close of 71.63.
December options are scheduled to expire today with first notice day set for Nov. 29.
Approximately 11,900 contracts were traded by 8:36 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Jan 594.80 up 0.20 Mar 608.60 up 0.50 May 617.30 dn 0.60 Jul 621.60 dn 0.80
