By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 3 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Friday. Prices had been higher earlier in the session, supported by a one cent per pound boost in October soyoil at Chicago. However values have pulled back as soyoil gave up a good chunk of its increases.
Downward pressure also came from declines in European rapeseed, but Malaysian palm oil was higher.
A trader said there had been some overnight frost in Alberta, but there was likely little, if any, damage to crops at this point. The thing that has been a concern to farmers is the greening of crops such as canola following the rains on the Prairies.
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The trader also pointed crude oil prices. “When the energies are firm that helps beanoil, that helps canola,” he commented.
The markets will be keeping an eye on three upcoming reports, with Statistics Canada set to release its grain stocks report on Sept. 8 and a production report on Sept. 14. In between will be the monthly supply and demand estimates from the United States Department of Agriculture on Sept. 10.
The Canadian dollar was stronger, which added more pressure on canola. The loonie was at 79.90 U.S. cents compared to Thursday’s close of 79.54.
Approximately 6,000 canola contracts were traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Price Change
Canola Nov 891.50 dn 1.00
Jan 872.80 dn 2.80
Mar 852.00 dn 4.20
May 830.30 dn 6.20
