WINNIPEG – The ICE Futures canola market saw prices drop further down due to pressures from harvest and vegetable oils. Statistics Canada (StatCan) also reported a 13.7 per cent rise in canola ending stocks as of July 31 compared to last year at 1.506 million tonnes.
Chicago soyoil, European rapeseed and Malaysian palm oil were all down in the middle of Friday trading. However, crude oil was up around US$1 per barrel due to extended supply curbs from Saudi Arabia and Russia.
The Canadian dollar was up two-tenths of a United States cent compared to Thursday’s close. StatCan also reported today that the nation’s unemployment rate remained at 5.5 per cent.
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One analyst said that while November canola may soon test the C$760 per tonne level, vegetable oil prices appeared to be “buoyant” despite today’s declines.
About 15,850 contracts had traded at 10:16 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 772.60 dn 10.30
Jan 780.00 dn 11.00
Mar 784.70 dn 10.40
May 785.90 dn 10.00
