By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 25 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were slightly higher on Friday morning, after a week of losses.
Support was coming from increases in Chicago soyoil and European rapeseed. However, those gains were tempered by losses in Malaysian palm oil.
The Canadian dollar was relatively steady at 74.71 U.S. cents, compared to Thursday’s close of 74.77.
Agriculture and Agri-Food Canada issued its outlook on principal field crops this morning, which said the canola carryout for 2019/20 was down 34 per cent at 2.7 million tonnes. Production for 2020/21 was pegged at 19.4 million tonnes and the carryout at 2.2 million tonnes.
The Canadian Grain Commission reported yesterday that producer deliveries of canola came to 734,100 tonnes for the week ended Sept. 20. That’s an increase of 23.3 per cent from the previous week. Canola exports rose 57.5 per cent at 165,400 tonnes and domestic usage slipped 11.9 per cent at 166,100 tonnes.
About 7,400 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Canola Nov 511.70 up 0.70
Jan 518.80 up 1.10
Mar 525.60 up 1.30
May 529.00 up 1.00
Futures Prices as of September 25, 2020
Prices are in Canadian dollars per metric ton