By Glen Hallick, MarketsFarm
WINNIPEG, July 28 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures fell back at midday Friday, however the declines remained above the C$800/tonne support level.
“The markets are in a ‘I’m going to sell stuff before the weekend’ mode,” an analyst commented.
Canola was firmly on track to close lower two days in a row for the first time in the last month.
Pressure on canola was coming from losses in European rapeseed, Malaysian palm oil, as well as Chicago soybeans and soymeal. There was a turnaround in Chicago soyoil, with it climbing higher, which tempered losses in the Canadian oilseed. Small declines in global crude oil prices put a little bit of pressure on the vegetable oils.
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The Canadian Grain Commission reported that producer deliveries of canola were down slightly as of July 23 at 336,400 tonnes. Meanwhile, exports of the oilseed jumped to 154,200 tonnes and domestic usage improved to 224,500 tonnes. There’s one week left in the 2022/23 marketing year to report on.
The Canadian dollar was lower at mid-Friday morning, as the loonie slipping to 75.58 U.S. cents compared Thursday’s close of 75.75.
Approximately 14,000 canola contracts were traded as of 10:20 CDT.
Prices in Canadian dollars per metric tonne at 10:20 CDT:
Price Change Canola Nov 813.60 dn 9.90 Jan 815.80 dn 10.00 Mar 815.70 dn 9.10 May 809.00 dn 9.20
