By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 4 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were narrowly mixed on Friday morning, in an attempt to erase overnight declines.
There was support coming from gains in the Chicago soy complex, as well as global crude oil prices. However, weakness in Malaysian palm oil (which was back trading after the Lunar New Year holidays) and European rapeseed weighed on values.
The Canadian dollar was pulling back on Friday morning, which lent support to canola. The loonie fell to 78.37 U.S. cents, compared to Thursday’s close of 78.87.
The Canadian Grain Commission reported producer deliveries of canola for the week ended Jan. 30 came to 274,600 tonnes, for a jump of 45 per cent from the previous week. Canola exports were down 19.2 per cent at 100,900 tonnes, while domestic usage bumped up 1.5 per cent at 163,800 tonnes.
About 3,850 canola contracts had traded as of 8:37 CST.
Prices in Canadian dollars per metric tonne at 8:37 CST:
Price Change
Canola Mar 1,023.60 dn 0.50
May 1,009.60 dn 0.60
Jul 982.40 up 0.30
Nov 839.00 up 1.10
