By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 6 – (MarketsFarm) – ICE Futures canola contracts were weaker at midday Friday, but off their session lows with pre-weekend positioning behind some of the activity.
Old crop stocks are dwindling, with only 3.9 million tonnes of canola on hand as of March 31, 2022, according to a report from Statistics Canada. That compares with 7.8 million tonnes last year and the five-year average of 9.3 million. The stocks were at the lower end of trade expectations and provided some underlying support for canola.
However, losses in outside vegetable oil markets spilled over to put some pressure on the Canadian oilseed. Malaysian palm oil, European rapeseed and Chicago soyoil futures were all lower on the day.
About 8,500 canola contracts traded as of 10:29 CDT.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
Price Change
Canola May 1,155.00 dn 6.10
Jul 1,081.90 dn 9.10
Nov 1,084.80 dn 8.70
Jan 1,079.60 dn 11.80
