By Glen Hallick, MarketsFarm
WINNIPEG, April 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly lower on Friday morning, following declines in Chicago soyoil and new crop European rapeseed.
Those losses were tempered by gains in Chicago soybeans and soymeal, as well as old crop European rapeseed. Global crude oil prices were on the rise, lending support to edible oils.
Farmers were seeding across parts of the western Prairies, while wet conditions on most of the eastern side will delay planting into May. A Colorado Low forecast for southern Manitoba this weekend could see seeding held back until mid-month.
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Statistics Canada will release its report on grain stocks as of March 31 a week today. Already tight canola stocks could be intensified as the old crop year enters the home stretch.
The Canadian dollar was higher on Friday morning due to a loss in the United States dollar. The loonie climbed to 78.58 U.S. cents, compared to Thursday’s close of 77.95.
About 4,750 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric tonne at 8:41 CDT:
Price Change
Canola Jul 1,200.60 dn 6.40
Nov 1,111.50 dn 12.60
Jan 1,116.30 dn 11.30
Mar 1,116.60 dn 9.00
