By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 2 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were moderately on the rise at midday Friday.
Spillover was coming from a turnaround in Chicago soybeans and soyoil, with good gains being made, but soymeal was slightly lower. Strong upticks in European rapeseed provided additional support, while losses in Malaysian palm oil were tempering further increases. Concerns over crude oil supplies led to prices increasing, with spillover going into vegetable oils.
An analyst warned there could be a good amount of volatility in the markets for the next several weeks. That’s largely due to another round of COVID-19 lockdown measures in China affecting the global economy, which is already on the verge of a recession.
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The Prairie weather outlook has called for temperatures for the long weekend to be from the mid 20 degrees Celsius to the low 30’s. Little, if any, rain is in the forecast.
At 121,600 tonnes, the Canadian Grain Commission (CGC) reported producer deliveries of canola for the week ended Aug. 28 slipped 1.2 per cent from the previous week. Exports of 20,500 tonnes fell back by about two-thirds and domestic usage dropped more than 60 per cent at 64,900 tonnes.
The Canadian dollar was higher as the loonie climbed to 76.39 U.S. cents, compared to Thursday’s close of 75.95.
Approximately 13,000 canola contracts were traded as of 10:31 CDT.
Prices in Canadian dollars per metric tonne at 10:31 CDT:
Price Change
Canola Nov 817.40 up 5.40
Jan 824.70 up 3.70
Mar 831.00 up 3.30
May 832.60 up 2.70
