By Glen Hallick, MarketsFarm
WINNIPEG, May 27 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed on Friday morning, with declines in the new crop contracts.
Losses in the Chicago soy complex, European rapeseed and Malaysian palm oil weighed on canola values. Global crude oil prices were narrowly mixed, providing little direction to veg oils.
Drought-stricken southern Alberta is forecast to receive rain today, which will help thirsty crops. The already soaked eastern Prairies will see more rain over the next several days, adding more woes to the slow pace of seeding throughout much of the region.
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Saskatchewan reported yesterday that spring planting reached 52 per cent complete, up 19 points from last week. The bulk of the progress has been in the drier western regions of the province.
The Canadian Grain Commission said canola exports for the week ended May 22 were 33,300 tonnes, for a drop of 78 per cent from the previous week. At 151,300 tonnes, domestic usage was up 22.5 per cent, while producer deliveries were slightly higher at 107,500 tonnes.
The Canadian dollar was higher on Friday morning with the loonie at 78.48 U.S. cents, compared to Thursday’s close of 78.17.
About 1,050 canola contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Price Change
Canola Jul 1,185.50 up 6.50
Nov 1,076.20 dn 4.70
Jan 1,079.70 dn 5.60
Mar 1,084.10 unchanged
