By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 6 (MarketsFarm) – Intercontinental Exchange canola futures slipped back on Friday morning in choppy trading.
While there were gains in Chicago soyoil and European rapeseed, losses in Malaysian palm oil as well as Chicago soybeans and soymeal weighed on values. Global crude oil prices were slightly higher, offering some spillover to the vegetable oils.
As the Prairie harvest winds down, there was still a measure of harvest pressure being felt in the canola market. Alberta is scheduled to publish its next crop report this afternoon.
Historically strong crush margins continued to underpin canola values.
Due to the National Day for Truth and Reconciliation, the Canadian Grain Commission postponed the release of its grain handling summary to later today.
The Canadian dollar was higher on Friday morning with the loonie rising to 73.03 U.S. cents compared to Thursday’s close of 72.82.
About 4,950 contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Price Change Canola Nov 710.30 dn 0.90 Jan 718.20 dn 1.10 Mar 726.10 dn 1.50 May 730.20 dn 1.90
