By Glen Hallick, MarketsFarm
WINNIPEG, May 19 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures gave up overnight gains and were turning lower on Friday morning.
Increases in global crude oil prices were fading, with spillover still going to the vegetable oils.
Support for canola came from gains in the Chicago soy complex and Malaysian palm oil. Some pressure was derived from a slight downturn in European rapeseed.
Although wide crush margins continued to underpin canola values, they retreated further from historic levels. The November positions are currently between C$140 to C$145 above futures.
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The Canadian Grain Commission said producer deliveries of canola for the week ended May 14 tallied 194,800 tonnes, slightly lower than a week ago. Exports of the oilseed vastly improved to 119,000 tonnes as did domestic usage at 199,300 tonnes.
Saskatchewan reported seeding progress reached 38 per cent complete overall, with canola at 19 per cent done. Alberta is scheduled to issue its crop report this afternoon.
The Canadian dollar was a pinch higher on Friday morning, with the loonie at 74.13 U.S. cents compared to Thursday’s close of 74.07.
About 5,050 contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change Canola Jul 701.60 dn 1.30 Nov 675.00 dn 1.00 Jan 678.40 dn 0.90 Mar 685.50 up 1.80
