By Glen Hallick
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were weaker by late Friday morning, as pressure from the Chicago soy complex intensified.
Losses in MATIF rapeseed and Malaysian palm oil added to canola’s declines. A drop in crude oil pulled down the vegetable oils.
“There’s a general negative sentiment in the markets today,” an analyst said. “We’re taking any weekly gains and negating them.”
Parts of the eastern Prairies are to get rain over the Thanksgiving weekend, while the western half of the region remains in need of sufficient moisture before freeze-up.
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Saskatchewan said the canola harvest reached 89 per cent finished provincewide, while the overall harvest hit 93 per cent complete.
Canola exports continued to falter compared to those this time last year, the Canadian Grain Commission reported. Cumulative exports of the oilseed for the week ended Oct. 5 were 796,100 tonnes versus 1.95 million a year ago.
The Canadian dollar nudged up by mid-session Friday, with the loonie at 71.49 U.S. cents, compared to Thursday’s close of 71.43.
The Canadian markets will be closed on Monday for Thanksgiving.
Approximately 41,250 canola contracts were traded as of 10:29 am CDT, with prices in Canadian dollars per metric tonne:
Canola Nov 605.60 dn 11.30
Jan 620.50 dn 10.90
Mar 631.90 dn 10.40
May 642.20 dn 9.90
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
