By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower late Friday morning getting pressure from declines in the Chicago soy complex and European rapeseed.
Meanwhile, upticks in Malaysian palm oil helped to stymie further losses in canola. Modest increases in crude oil lent support to the vegetable oils.
An analyst suggested, “the funds were buying out of their positions.”
As with yesterday, March canola remained above its 20-day moving average while it hovered around its 100-day average.
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Canola crush margins stepped back as the March position was just short of C$116 per tonne above the futures.
The Canadian Grain Commission reported for the week ending Dec. 29 that producer deliveries of canola were 187,900 tonnes and with exports amounted to 138,400 tonnes, both lower than the previous week. Domestic use nudged up to 203,100 tonnes.
The Canadian dollar was lower mid-session Friday, with the loonie at 69.22 U.S. cents compared to Thursday’s close of 69.36.
Approximately 14,450 canola contracts were traded as of 10:26 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 621.00 dn 4.00 May 627.50 dn 5.00 Jul 630.00 dn 4.80 Nov 607.10 dn 4.30
