By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 24 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Friday morning, continuing the downward trend from yesterday.
There was pressure coming from declines in the Chicago soy complex and Malaysian palm oil. Meanwhile European rapeseed was steady to lower. Global crude oil prices were slightly lower, putting pressure on vegetable oils.
Although canola crush margins eased back, they remain historically high and continue to underpin values.
The Canadian Grain Commission reported producer deliveries of canola for the week ended Feb. 19 were 417,500 tonnes, compared to 440,000 the previous week. Exports bumped up to 190,800 tonnes from 181,800 and domestic usage fell from 206,000 tonnes last week to 179,900.
The Canadian dollar was weaker with the loonie falling to 73.26 U.S. cents compared to Thursday’s close of 73.81.
About 7,550 contracts had traded as of 8:37 CST.
Prices in Canadian dollars per metric tonne at 8:37 CST:
Price Change
Canola Mar 831.30 dn 1.20 May 821.10 dn 1.60 Jul 817.40 dn 3.00 Nov 795.30 dn 3.90
