By Glen Hallick, MarketsFarm
WINNIPEG, April 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly lower at midsession on Friday, giving up earlier gains.
“There’s no reason canola should trade higher today,” an analyst commented.
There were declines in the Chicago soy complex, as well as European rapeseed and Malaysian palm oil. Global crude oil prices were narrowly mixed, which provided little direction to the vegetable oils.
The analyst noted traders continuing to get out of their short positions was a supportive factor.
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May options are set to expire at the close on April 21 and first notice day is April 28.
The Canadian Grain Commission reported producer deliveries of canola for the week ended April 9 came to 265,900 tonnes, down 33 per cent from the previous week. Canola exports came in at 142,000 tonnes and domestic usage was 196,800 tonnes, with both slipping a little from last week.
The Canadian dollar was relatively steady on Friday with the loonie at 74.83 U.S. cents, compared to Thursday’s close of 74.86.
Approximately 17,150 canola contracts were traded as of 10:27 CDT.
Prices in Canadian dollars per metric tonne at 10:27 CDT:
Price Change Canola May 769.30 dn 1.30 Jul 738.80 dn 2.50 Nov 697.40 dn 5.20 Jan 701.50 dn 3.20
