By Glen Hallick, MarketsFarm
WINNIPEG, May 21 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were weaker on Friday morning, due to ongoing declines in comparable edible oils.
The old crop July contract bottomed out this morning at the daily limit of C$30 per tonne, as trading focused more and more on the new crop November contract. The contract has since pulled back a little.
A stronger Canadian dollar pressured canola values as it pushed above 83 U.S. cents. The loonie was at 83.06 compared to Thursday’s close of 82.85.
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Rain remains in the forecast for the Prairies, particularly for Manitoba and eastern Saskatchewan. While the precipitation gives crops a much needed boosted, especially in the western half of the region, it also weighed on canola values.
Agriculture and Agri-Food Canada (AAFC) issued its latest supply and demand report, with the department maintaining its estimate on 2020/21 ending stocks for canola at 700,000 tonnes and bumped up those for 2021/22 to 750,000 tonnes.
The Canadian Grain Commission reported producer deliveries of canola for the week ended May 16 were down 14.7 per cent from the previous week at 205,800 tonnes. Canola exports dropped 55.7 per cent at 98,000 tonnes, while domestic usage edged up nearly 2.1 per cent at 192,700 tonnes.
About 4,100 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change
Canola Jul 876.00 dn 27.20
Jan 707.00 dn 5.30
Mar 694.60 dn 6.60
