By Glen Hallick, MarketsFarm
WINNIPEG, June 9 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were a pinch lower on Friday morning in choppy trading.
Along with support from Chicago soybeans and soyoil, there were strong gains in European rapeseed and Malaysian palm oil. Chicago soymeal was down a little. Global crude oil prices have turned around to push lower, putting some pressure on vegetable oils.
The United States Department of Agriculture is set to release its June supply and demand estimates today at 11 am CDT. Positioning ahead of the report could affect canola futures.
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Saskatchewan reported yesterday that spring planting was 96 per cent complete provincewide. That’s up seven points from the previous week and virtually on par with the five-year average. Alberta is scheduled to issue its crop report this afternoon.
The Canadian Grain Commission said producer deliveries of canola as of June 4 increased week over week to 259,600 tonnes. Exports fell back to 107,500 tonnes and domestic usage was lower as well at 174,100 tonnes.
The Canadian dollar was higher on Friday morning, with the loonie at 74.98 U.S. cents compared to Thursday’s close of 74.86.
About 7,350 contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Price Change Canola Jul 678.70 dn 0.80 Nov 655.60 dn 0.70 Jan 661.80 dn 1.00 Mar 667.70 dn 1.50
