Glacier FarmMedia — ICE canola futures are weaker Friday morning, as speculative profit-taking came forward after the market hit six-week highs on Thursday.
A softer tone in the Chicago soy complex accounted for some spillover selling. European rapeseed and Malaysian palm oil were also lower.
Canadian Prime Minister Mark Carney met with Chinese President Xi Jinping in South Korea on Friday, with the leaders agreeing to move forward with resolving trade issues between the two countries. A joint statement following the meeting said they discussed “solutions to respective sensitivities regarding issues including agriculture and agri-food products, such as canola, as well as seafood and electric vehicles.”
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Canadian canola exports continue to lag the year-ago pace in the absence of the Chinese market. Canadian canola exports of 155,500 tonnes during the week ended Oct. 26 were up 25 per cent from the previous week, according to the latest Canadian Grain Commission data. However, the crop-year-to-date total of 1.2 million tonnes compares with 2.9 million tonnes at the same point a year ago.
The Canadian dollar was down roughly a quarter of a cent relative to its U.S. counterpart.
About 13,600 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric tonne at 8:44 CDT:
Canola Nov 634.50 unchanged
Jan 645.00 dn 3.50
Mar 656.30 dn 3.50
May 666.00 dn 3.70
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
