WINNIPEG – The ICE Futures canola market showed some weakness on Friday, along with comparable oils. The Canadian Grain Commission reported that 72,500 tonnes of canola were exported last week, bringing the year-to-date export total to 565,200 tonnes.
Chicago soyoil was lower and European rapeseed was mixed, while Malaysian palm oil was mostly lower in its return on Thursday after a holiday. Crude oil was also taking a step back.
The Canadian dollar was down more than one-tenth of a United States cent compared to Thursday’s close.
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One analyst said the canola harvest is mostly finished in Western Canada and there is steady selling from growers. Quiet demand, both domestic and international, were also pulling prices down.
“I think what we’re really seeing is that there’s a bit of uncertainty how the exports are going to play out here over the next couple of months. Ideas are that the exports are not as high as what the trade was anticipating,” the analyst said.
High temperatures are not expected to surpass 20 degrees Celsius in Alberta and Saskatchewan today with rain in most parts. In southern Manitoba, the temperature will reach 23 C to go along with sunny skies.
About 19,200 contracts had traded at 10:26 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 714.50 dn 1.00
Jan 723.50 dn 0.80
Mar 729.70 dn 1.40
May 733.50 dn 1.20
