By Glen Hallick
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were lower late Friday morning, after starting the day trading either side of unchanged.
“I don’t see anything that will move stuff dramatically,” an analyst said.
Losses in Chicago soybeans and soyoil plus those in European rapeseed and Malaysian palm oil pressured canola. Modest declines in crude oil weighed on the vegetable oils.
The November canola contract remained behind its 20-day moving average. Crush margins continued to recede with the November positions between C$185 and C$193 per tonne above the futures.
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Despite the slow pace of the Prairie harvest, it was picking up. Saskatchewan reported its overall harvest was over the halfway mark with the province’s canola 21 per cent completed.
While the western Prairies are expected to remain dry through the weekend, parts of the eastern half are to get rain particularly southern Manitoba.
The Canadian dollar was slightly higher by mid-session Friday, with the loonie at 72.55 U.S. cents compared to Thursday’s close of 72.48.
Approximately 24,300 canola contracts were traded as of 10:24 am CDT, with prices in Canadian dollars per metric tonne:
Canola Nov 620.30 dn 3.60
Jan 633.50 dn 2.90
Mar 644.70 dn 2.90
May 654.20 dn 3.20
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
