By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower on Friday morning, due to declines in comparable oils.
There were losses in the Chicago soy complex while European rapeseed was mixed. The Malaysian palm oil market were closed for a holiday. Global crude oil prices were modestly lower, which added pressure on the vegetable oils.
Sluggish canola exports continued to weigh on values. The Canadian Grain Commission reported for the week ended Jan. 21 that the oilseed’s exports were 34,600 tonnes, virtually the same as the previous week. At 3.44 million tonnes so far in 2023/24, exports were down 1.36 million from a year ago.
Canola crush margins remained steady with the front positions between C$170 to C$174 per tonne above the futures.
The Canadian dollar was higher on Friday morning with the loonie climbing to 74.48 U.S. cents compared to Thursday’s close of 74.10.
Approximately 10,750 contracts had traded by 8:34 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 614.10 dn 9.00 May 619.00 dn 9.40 Jul 622.50 dn 9.70 Nov 621.00 dn 9.30
