Glacier FarmMedia MarketsFarm – The ICE Futures canola market saw early gains fade into the red on Friday despite persistent hot and dry weather on the Prairies.
One trader said declining crush margins and negative outlooks for the Chicago soy complex are pressuring canola prices.
Chicago soyoil, European rapeseed and Malaysian palm oil were in positive territory, helping to lift canola prices upward. However, crude oil was lower despite a collision between two oil tankers off the coast of Singapore earlier today.
The Canadian Grain Commission reported 170,800 tonnes of canola were exported during the week ended July 14, down nearly 67,000 tonnes from the previous week. Cumulative exports this marketing year total 6.696 million tonnes, down from 7.851 million last year.
The Canadian dollar was down more than one-tenth of a United States cent compared to Thursday’s close.
About 39,400 contracts have traded at 10:16 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 649.30 dn 0.40
Jan 655.00 dn 0.80
Mar 659.20 dn 1.50
May 665.90 up 1.50
