By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 28 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were lower on Friday morning, following losses in comparable oils.
There were decreases in the Chicago soy complex as well as European rapeseed and Malaysian palm oil. Modest declines in global crude oil prices put more pressure on vegetable oils.
The Prairies are forecast to see above normal temperatures through the weekend, which will aid in any of the harvest remaining and with fall field work. Precipitation is expected by the middle of next week.
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The Canadian Grain Commission reported canola exports for the week ended Oct. 23 of 332,000 tonnes were down 18.5 per cent from the previous week. However, year-to-date exports of 1.47 million tonnes were slightly ahead of this time last year.
The Canadian dollar was weaker on Friday morning, with the loonie at 73.42 U.S. cents, compared to Thursday’s close of 73.82.
With the first notice day for November futures being Oct. 31, trade in the nearby November canola contract has dwindled significantly.
About 6,250 contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Price Change
Canola Nov 875.30 dn 26.90
Jan 859.10 dn 9.20
Mar 864.20 dn 10.00
May 869.20 dn 9.70
