By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 20 (MarketsFarm) – Intercontinental Exchange canola futures continued to drop back on Friday morning, adding to yesterday’s sharp losses.
An analyst suggested on Thursday that, “the fundamental structure has changed” in the canola market, and noted the spreads were falling apart after tightening last week.
Support from comparable oils was mixed with gains in Chicago soyoil and Malaysian palm oil, however European rapeseed was to the downside. Also, Chicago soybeans and soymeal were lower. Upticks in global crude oil prices were spilling over into the vegetable oils.
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More scattered showers were forecast for the Prairies today, with temperatures beginning to recede to normal levels.
The Canadian Grain Commission reported producer deliveries of canola for the week ended Oct. 15 were 460,400 tonnes and higher than the previous week. Canola exports of 214,500 tonnes were also higher, as was domestic usage at 321,800.
Saskatchewan and Alberta are scheduled to release their crop reports later today, which will likely be each province’s last for 2023.
Canola crush margins edged a little higher, further underpinning values.
The Canadian dollar gained ground on Friday morning as the loonie rose to 73.12 U.S. cents compared to Thursday’s close of 72.91.
About 8,700 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change Canola Nov 689.60 dn 2.60 Jan 702.70 dn 2.50 Mar 710.70 dn 2.60 May 715.00 dn 3.30
