By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 22 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Friday morning, trading within a narrow range as the market took a bit of a breather ahead of the weekend.
Losses in Chicago Board of Trade soybeans and soyoil put some spillover pressure on canola, although the Canadian oilseed lagged the soy complex to the downside.
Weakness in the Canadian dollar provided some support, as the currency dipped back below 79 U.S. cents.
Concerns over tight supplies and the need to ration demand going forward also underpinned the canola market.
Canada exported 381,000 tonnes of canola during the week ended Jan. 17, according to the latest Canadian Grain Commission report. That was roughly double what moved the previous week and took the year-to-date total to 5.8 million tonnes.
About 5,600 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric ton at 8:35 CST:
Canola Mar 658.00 up 1.00
May 644.10 dn 0.90
Jul 630.80 dn 1.30
Nov 551.50 dn 1.50
Futures Prices as of January 22, 2021
Prices are in Canadian dollars per metric ton