By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 26 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts continued lower on Friday morning, as speculators liquidate long positions.
Of note, the declines weren’t as dramatic as the near limit drops experienced on Thursday.
Weakness in comparable edible oils contributed to this morning’s losses.
The Canadian dollar was in retreat on Thursday morning, with the loonie at 79.15 U.S. cents, compared to Thursday’s close of 79.81.
Tightening supplies continued to underpin canola values.
Producer deliveries of canola shot up more than 76 per cent during the week ended Feb. 21 at 463,600 tonnes, according to the weekly grain movement report from the Canadian Grain Commission. Exports skyrocketed 465 per cent from the previous week at 286,000 tonnes. At 199,000 tonnes, domestic usage was up nearly 12 per cent.
About 8,600 canola contracts had traded as of 8:37 CST.
Prices in Canadian dollars per metric tonne at 8:37 CST:
Canola May 724.00 dn 11.20
Jul 693.30 dn 11.60
Nov 590.30 dn 7.90
Jan 594.00 dn 6.00