By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures fell hard at midsession Friday, in what an analyst believes is a good amount of farmer selling.
“It’s running away from us,” the analyst commented.
He added the market is also contending with improved confidence in the weather for the United States Midwest and there’s a good prospect for large crops.
Canola was also being pulled back by sharp declines in the Chicago soy complex. Additional pressure came from losses in European rapeseed, while gains in Malaysian palm oil tried to temper the move downward. However, weaker crude oil wasn’t helping as it weighed on the oilseeds.
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Glacier FarmMedia | MarketsFarm – The Canadian dollar took a step back after the release of economic news from Statistics Canada….
The Canadian Grain Commission reported for the week ended July 21 that producer deliveries of canola of 475,600 tonnes dropped from the previous week. Exports slipped as well at 120,500 tonnes, as did domestic use at 221,000 tonnes.
Saskatchewan reported yesterday that its canola was at 68 per cent good to excellent and in need of rain. Alberta is set to issue its crop report later this afternoon.
The Canadian dollar eased back further by late Friday morning, with the loonie at 72.22 U.S. cents compared to Thursday’s close of 72.36.
Approximately 36,900 canola contracts were traded as of 10:33 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 654.00 dn 17.70 Jan 660.70 dn 16.80 Mar 665.40 dn 16.30 May 665.50 dn 16.40
