By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were weaker on Friday morning, as the other vegetable oils fell to the downside.
Sharp losses in Chicago soyoil led the pull back, followed by more modest declines in MATIF rapeseed and Malaysian palm oil. Chicago soybeans were lower as well, but soymeal was slightly higher. Small gains in crude oil were attempting to stem the reversals in the veg oils.
An analyst commented on canola’s turnaround ahead of the weekend.
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“We had our rally off the lows. We can’t sustain anything above $650,” the analyst said, noting canola was now chopping around.
He also said Canadian Prime Minister Mark Carney came away with pretty much nothing from his 39-minute meeting with Chinese President Xi Jinping at the APEC summit in South Korea. However, the two leaders agreed they would work towards rectifying sour trade relations.
Although canola exports of 155,500 tonnes for the week ended Oct. 26 was an improvement over the previous week, the year-to-date of 1.23 million tonnes still lagged far behind the 2.90 million this time last year. The Canadian Grain Commission said domestic use slipped to 167,400 tonnes, with the cumulative total of 2.73 million tonnes virtually on par with the year ago.
The Canadian dollar eased back mid-session Friday, with the loonie slipping to 71.40 U.S. cents, compared to Thursday’s close of 71.49.
Reminders that Friday is first notice day for November futures and Daylight Savings Time ends on Sunday.
Approximately 24,650 canola contracts were traded as of 10:29 am CDT, with prices in Canadian dollars per metric tonne:
Canola Jan 637.30 dn 11.20
Mar 649.00 dn 10.80
May 659.70 dn 10.00
Jul 667.00 dn 9.90
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
