By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were down hard at mid-session Friday, as crude oil tumbled, taking the vegetable oils with it. However, the Canadian oilseed was moving off of earlier lows.
The markets were riding a wave of optimism with the United States and Iran heading toward resuming their talks. That led to crude oil dropping by more than US$12 per barrel.
The Chicago soy complex was lower, with soyoil retreating. While Malaysian palm oil was down modestly there were large declines in MATIF rapeseed.
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“The impact on the markets was pretty swift,” an analyst said. “Whether it’s rational or not is another thing.”
“I would be very cautious trading on this stuff,” the analyst warned.
Canola exports of 284,100 tonnes for the week ended April 12 were little changed from the previous week, the Canadian Grain Commission reported. After 36 weeks, cumulative exports of 5.87 million tonnes were more than 1.5 million tonnes less than a year ago.
The Canadian dollar was higher by late Friday morning with the loonie at 73.17 U.S. cents, compared to Thursday’s close of 72.94.
Approximately 58,750 canola contracts were traded as of 10:26 a.m. CDT, with prices in Canadian dollars per metric tonne:
Canola May 699.80 dn 10.60
Jul 714.00 dn 10.30
Nov 714.30 dn 8.50
Jan 721.60 dn 8.20
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