By Glen Hallick, MarketsFarm
WINNIPEG, June 12 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were lower on Friday morning, as prices step back from recent highs.
Support was coming from small gains in Chicago soyoil along with European rapeseed and Malaysian palm oil.
The Canadian Grain Commission reported producer deliveries of canola for the week ended June 7 were almost 454,000 tonnes. That’s an increase of 14 per cent from the previous week. Domestic usage was up more than 20 per cent at 206,000 tonnes.
Saskatchewan reported yesterday that planting progress reached 98 per cent complete. The weekly crop report noted topsoil moisture levels greatly improved after significant rain across much of the province during the reporting period.
The Canadian dollar was steady at 73.70 U.S. cents, compared to Thursday’s close of 73.78.
About 3,700 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric tonne at 8:41 CDT:
Price Change
Canola Jul 467.20 dn 0.60
Nov 470.90 dn 0.90
Jan 477.40 dn 1.10
Mar 483.50 dn 1.20
