Glacier FarmMedia – Canola futures on the Intercontinental Exchange were in negative territory on Friday despite rising comparable oils.
Chicago soyoil was up slightly with an analyst saying any time it is between 60 to 65 United States cents per pound was “a bonus.” European rapeseed was mostly higher and Malaysian palm oil was up as well. Crude oil gained nearly US$2 per barrel after nuclear talks between the United States and Iran ended today without a resolution.
China confirmed on Friday it’s suspending its tariffs on Canadian agricultural imports, including canola meal, starting March 1. China’s duty on Canadian canola seed will be reduced to 15 per cent on the same day.
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The Canadian Grain Commission reported 243,600 tonnes were exported during the week ended Feb. 22, down from the 257,100 shipped the previous week. So far this marketing year, canola exports totalled 4.269 million tonnes, compared to 6.021 million one year ago.
At mid-afternoon, the Canadian dollar was up three-tenths of a U.S. cent compared to Thursday’s close.
There were 56,485 canola contracts traded on Friday, compared to Thursday when 67,563 contracts changed hands. Spreads accounted for 39,586 contracts in today’s trade.
Settlement prices are in Canadian dollars per metric tonne.
May 687.70 dn 5.30
Jul 698.50 dn 5.10
Nov 691.90 dn 6.00
Jan 698.90 dn 6.20
Spread trade prices are in Canadian dollars:
Mar/May 5.60 under to 16.50 under 2,491
Mar/Nov 10.00 under to 21.50 under 2,450
May/Jul 10.40 under to 11.10 under 9,018
May/Nov 3.50 under to 5.30 under 225
May/Jan 11.20 under to 12.10 under 13
Jul/Nov 7.50 over to 5.50 over 4,948
Jul/Jan 0.40 under to 1.50 under 53
Nov/Jan 6.90 under to 7.30 under 503
Jan/Mar 4.80 under to 5.40 under 50
Jan/May 7.60 under to 8.50 under 3
Mar/May 2.70 under to 3.20 under 1
Mar/Jul 4.00 under to 4.20 under 18
Jul/Nov 7.20 over to 7.10 over 20
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