By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 20 (MarketsFarm) – The ICE Futures canola market backed away from overnight gains Friday morning to post small losses as traders squared positions ahead of the weekend.
Gains in Chicago soyoil provided spillover support for the Canadian oilseed, but it retreated from its highs and was closer to unchanged at the start of the North American session.
Canada exported 227,000 tonnes of canola during the week ended Jan. 15, taking the crop year-to-date total to 3.9 million tonnes. That compares with 3.1 million at the same time a year ago.
Producers were active delivering into the commercial pipeline during the week, with the 504,00 tonnes of deliveries the largest since harvest-time in October.
About 8,400 canola contracts had traded as of 8:42 CST.
Prices in Canadian dollars per metric ton at 8:42 CST:
Canola Mar 822.30 dn 4.40
May 822.00 dn 3.90
Jul 823.80 dn 3.20
Nov 804.70 dn 2.70
