WINNIPEG – Intercontinental Exchange canola prices remained lower at mid-morning Friday, as the selloff in the futures and equities markets continued for a second day.
“It’s not a huge selloff,” an analyst commented, noting that global crude oil prices were recovering from Thursday’s steep losses.
The analyst also cautioned the markets should avoid putting too much into the forecast rains for Brazil. He said the severe dryness in the central and northern areas of the country will need more than one rain to help the soybean crops.
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Meanwhile, as Chicago soyoil made small gains, pressure on canola came from declines in European rapeseed and Malaysian palm oil. Losses in Chicago soybeans and soymeal also weighed on values.
The Canadian Grain Commission reported producer deliveries of canola for Week 15 were 281,000 tonnes, down slightly from the previous week. Exports more than doubled to 146,600 tonnes, while domestic usage eased back to 176,800 tonnes.
The Canadian dollar was slightly higher at mid-Friday morning as the loonie bumped up to 72.87 U.S. cents compared to Thursday’s close of 72.73.
Approximately 15,800 canola contracts were traded as of 10:22 CST.
Prices in Canadian dollars per metric tonne at 10:22 CST:
Price Change Canola Jan 701.00 dn 5.80 Mar 705.30 dn 7.10 May 708.90 dn 6.90 Jul 713.00 dn 6.40
