By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 3 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed at midsession on Friday, as they try to recover from larger losses earlier in the morning.
An analyst said the Canadian oilseed was “sort of stable” compared to other vegetable oils.
Chicago soyoil was down hard, along with soybeans, while soymeal made modest increases. European rapeseed was to the downside, but Malaysian palm oil was stronger. Global crude oil prices were beginning to fade from its bigger gains but were still providing support to veg oils.
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Ahead of the Statistics Canada stocks report on Tuesday, the trade is forecasting good increases canola, wheat and the stocks of other grains. The United States Department of Agriculture follows up the next day with its monthly supply and demand estimates.
The Canadian Grain Commission reported a 31 per cent drop in producer deliveries of canola during the week ended Jan. 29 at 346,000 tonnes. The frigid temperatures across the Prairies this week could push those deliveries even lower. Canola exports were up nearly three per cent at 179,800 tonnes and domestic use was down almost 40 per cent at 179,400 tonnes.
In light of a stronger United States dollar, the Canadian dollar fell below 75 U.S. cents on Friday. The loonie pulled back to 74.78, compared to Thursday’s close of 75.12.
Approximately 18,550 canola contracts were traded as of 10:28 CST.
Prices in Canadian dollars per metric tonne at 10:28 CST:
Price Change Canola Mar 825.50 up 0.40 May 823.00 dn 0.70 Jul 824.10 dn 1.70 Nov 805.60 dn 2.30
