By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 7 (MarketsFarm) – The ICE Futures canola market was mixed Friday morning, with a firmer tone in the most active nearby contracts and losses in the more deferred positions.
A weaker tone in the Canadian dollar, which dipped back below 75 U.S. cents, provided some underlying support for canola.
Solid export demand was also supportive. The Canadian Grain Commission released its final weekly grain handling report for the 2019/20 crop year, pegging total canola exports during the crop year at 10.1 million tonnes. That compares with 9.3 million the previous year.
Chicago Board of Trade soybeans and soyoil were softer in early activity, putting some pressure on canola. Relatively favourable Prairie crop weather and the looming harvest also weighed on values.
About 2,600 canola contracts had traded as of 8:32 CDT.
Prices in Canadian dollars per metric ton at 8:32 CDT:
Canola Nov 490.60 up 0.80
Jan 496.30 up 0.40
Mar 500.10 up 0.30
May 503.00 dn 0.80
Futures Prices as of August 7, 2020
Prices are in Canadian dollars per metric ton