By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were on the rise at midsession Friday, but an analyst said those “might not be able to hold.”
However, the analyst added that so far, it’s “a sunny day in canola.” He said one factor that could determine where canola goes would be the Commitment of Traders report to be released later today, with expectations of a greatly increased short in canola.
Meanwhile, canola was getting support from gains in Chicago soybeans and soymeal, while losses in soyoil, European rapeseed and Malaysian palm oil limited those increases. Small advances in crude oil were spilling over into the oilseeds.
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Thunderstorms have been forecast for the Prairies through the weekend and into next week, with temperatures in the low to mid 20 degrees Celsius.
Saskatchewan reported the development of its oilseed crops were 55 per cent normal provincewide with 41 per cent behind. Alberta is scheduled to release its crop report later today.
The Canadian Grain Commission said producer deliveries of canola for the week ended June 16 bumped up to 453,100 tonnes from the previous week. Canola exports slipped to 131,900 tonnes and domestic usage was relatively steady at 169,500 tonnes.
The Canadian dollar eased back by late Friday morning, with the loonie at 72.93 U.S. cents compared to Thursday’s close of 73.00.
Approximately 25,150 canola contracts were traded as of 10:34 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Jul 605.00 up 5.60 Nov 623.20 up 5.10 Jan 629.60 up 5.20 Mar 633.50 up 5.30
