By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 19 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were mixed at midday Friday, with gains in the front months and losses in the deferred positions.
There were declines in Chicago soybeans and soymeal, as well as European rapeseed. Meanwhile, upticks in Chicago soyoil and the off session of Malaysian palm oil helped to temper further losses. Crude oil prices were narrowly mixed, which provided little direction for vegetable oils.
Favourable crop conditions across the Prairies put additional pressure on canola values. However, crop development remained behind the normal pace in several areas of the region.
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The Canadian Grain Commission reported canola exports two weeks into the 2022/23 crop year are a mere 11,300 tonnes compared to 177,800 this time last year. Year to date domestic usage is much better at 329,300 tonnes compared to 376,900 a year ago.
As the United States dollar grew stronger, the Canadian dollar was weaker. The loonie fell to 76.89 U.S. cents, compared to Thursday’s close of 77.35.
Approximately 17,500 canola contracts were traded as of 10:29 CDT.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
Price Change
Canola Nov 816.60 up 1.20
Jan 825.40 up 1.00
Mar 831.90 up 0.50
May 833.00 dn 3.10
