By Glen Hallick
Glacier FarmMedia – Canola futures were struggling to hang on to their gains on the Intercontinental Exchange in choppy trading late Friday morning. This was despite support from increases in the Chicago soy complex and MATIF rapeseed.
While Malaysian palm oil closed lower on Friday, a strong upswing in crude oil spilled over into the other vegetable oils.
A positive outlook toward last week’s Canada-China deal on tariffs continued to underpin canola.
The March canola contract stayed above most of its moving averages, lagging its 200-day average by about C$20.
Read Also
North American Grain and Oilseed Review:Canola finds traction
By Glen Hallick Glacier FarmMedia – Intercontinental Exchange canola futures closed out Friday on a positive note after bouncing either…
Canola crush margins eased back with the March position just short of C$210 per tonne above the futures.
Canola exports for the week ended Jan. 18 of 288,200 tonnes were more than double from the previous week, the Canadian Grain Commission reported. That brought the year-to-date to 3.21 million tonnes compared to 5.59 million a year ago.
The CGC said the domestic crush fell back to 193,000 tonnes, with the cumulative total of 5.58 million tonnes virtually on par with the same time last year.
The Canadian dollar was strong on Friday morning, with the loonie at 72.82 U.S. cents compared to Thursday’s close of 72.47.
Approximately 37,400 canola contracts were traded as of 10:45 am CST, with prices in Canadian dollars per metric tonne:
Canola Mar 648.40 up 1.20
May 659.10 up 1.30
Jul 665.90 up 1.30
Nov 657.50 up 1.30
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/.
Stay informed with our daily market videos. Each video quickly covers key futures moves, price trends, and market signals that matter to Canadian farmers. Get clear, timely insights in just a few minutes. Bookmark https://www.producer.com/markets-futures-prices/videos.
