By Glen Hallick, MarketsFarm
WINNIPEG, July 7 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Friday, due to losses in the Chicago soy complex.
Declines in European rapeseed and Malaysian palm oil placed additional pressure on the Canadian oilseed. Meanwhile upticks in global crude oil prices tempered further losses in the vegetable oils.
Rain is expected for parts of the Alberta over the weekend with Saskatchewan and Manitoba to get scattered thunderstorms. Temperatures across the region are to push into the mid to high 20 degrees Celsius.
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The Canadian Grain Commission reported producer deliveries of canola for the week ended July 2 slipped to 325,100 tonnes. Exports jumped 80 per cent at 141,400 tonnes and domestic usage increased to 174,700 tonnes.
The CGC also reported May exports of the oilseed tallied 538,300 tonnes, which brought the year-to-date to 7.28 million tonnes. The largest importer of Canadian canola has been China by far in 2022/23, taking in 4.22 million tonnes, vastly improving from 1.16 million a year ago.
The Canadian dollar was higher at mid-Friday morning, as the loonie rose to 75.21 U.S. cents compared Thursday’s close of 74.92.
Approximately 12,400 canola contracts were traded as of 10:32 CDT.
Prices in Canadian dollars per metric tonne at 10:32 CDT:
Price Change Canola Nov 757.50 dn 4.50 Jan 761.30 dn 5.10 Mar 764.90 dn 5.10 May 768.70 dn 3.90
