By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 5 – (MarketsFarm) – ICE Futures canola contracts were weaker at midday Friday, retreating from earlier gains as a downturn in Chicago soybeans weighed on values.
A rally in soyoil and weakness in the Canadian dollar had lent some early support to canola, but that buying ran out of steam and canola drifted lower as the day progressed.
Relatively favourable Prairie crop weather added to the declines, although chart support held to the downside with commercial buying interest underneath the market.
The Canadian Grain Commission released its final weekly grain movement report for the 2021/22 crop year showing a total of 5.1 million tonnes of canola were exported during the year. That was well below the 10.6 million tonnes exported the previous year. Domestic usage, at 9.3 million tonnes, was down by 12 per cent on the year.
About 10,600 canola contracts traded as of 10:53 CDT.
Prices in Canadian dollars per metric tonne at 10:53 CDT:
Canola Nov 839.00 dn 4.30
Jan 847.10 dn 5.80
Mar 854.10 dn 6.50
May 858.70 dn 6.60
