By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 23 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were steady to lower on Friday due to profit taking.
“We saw pretty good gains this week,” said a Winnipeg-based trader, noting the liquidation of the November contract continues.
“There’s been a good effort to clean that up,” he added.
With Argentina and Brazil receiving rain, and more is in the forecast, the trader said this also appears to be a good time for profit-taking in canola. Dry conditions in both South American countries have hampered soybean planting.
The Canadian dollar was virtually unchanged at 76.07 U.S. cents, compared to Thursday’s close of 76.09.
The Canadian Grain Commission reported producer deliveries of canola were 422,200 tonnes for the week ended Oct. 18. Canola exports were 240,900 tonnes and domestic usage was at 207,400 tonnes.
Approximately 16,200 canola contracts were traded as of 10:46 CDT.
Prices in Canadian dollars per metric tonne at 10:46 CDT:
Canola Nov 543.80 dn 1.80
Jan 547.00 up 0.10
Mar 548.90 dn 0.80
May 545.20 dn 0.90
Futures Prices as of October 23, 2020
Prices are in Canadian dollars per metric ton