By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures closed lower on Friday, as the oilseed backed away from contract highs reached yesterday. Today’s losses in the new crop contracts were smaller than those in the old crop positions.
The canola market will be closed on Monday for a holiday.
Pressure on canola came from declines in Chicago soybeans and soyoil, as well as MATIF rapeseed. Upticks in Malaysian palm oil and Chicago soymeal helped to stem the losses. Crude oil edged up slightly, offering a little bit of spillover to the vegetable oils.
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By Glen Hallick Glacier FarmMedia – Canola futures on the Intercontinental Exchange were lower on Friday morning, following the Chicago…
The May canola contract dipped below its 200-day moving average and it moved further away from its resistance level of C$680 per tonne.
The Canadian Grain Commission reported year-to-date canola exports reached 3.77 million tonnes as of Feb. 8 versus 5.67 million the same time last year. Cumulative domestic use climbed to 6.47 million tonnes compared to 6.19 million a year ago.
The Canadian dollar continued to drop back on Friday afternoon, with the loonie at 73.49 U.S. cents compared to Thursday’s close of 73.67.
There were 82,956 contracts traded on Friday, compared to 98,783 on Thursday. Spreading accounted for 59,872 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Mar 663.50 dn 4.30
May 675.10 dn 4.10
Jul 684.80 dn 3.30
Nov 679.20 dn 0.80
SOYBEAN futures at the Chicago Board of Trade were lower on Friday, after being driven higher earlier this week on hopes of more export sales to China.
The United States Department of Agriculture reported total shipped and unshipped soybean export sales tally 34.57 million tonnes, down 20 per cent from a year ago.
The Buenos Aires Grain Exchange held its call on the Argentine soybean harvest at 48.50 million tonnes. The exchange rated the country’s soybean crop at 32 per cent good to excellent, down eight points from last week.
CORN futures nudged up on Friday, despite pressure from soy and wheat.
Total export commitments of U.S. corn were reported to be nearly 60.81 million tonnes, up 31 per cent from this time last year.
The BAGE rated the Argentine corn crop at 43 per cent good to excellent, a dip of one point from last week.
WHEAT futures were lower on Friday, with Kansas City down harder than Chicago or Minneapolis.
Export commitments of U.S. wheat were placed at 22.47 million tonnes, up 16 per cent from a year ago.
IKAR raised its estimate of the 2026/27 Russian wheat crop by three million tonnes at 91 million.
France reported its winter wheat rated 91 per cent good to excellent as of Feb. 9, compared to 73 per cent a year ago.
South Korea bought 50,000 tonnes of U.S. wheat and 40,000 tonnes of Canadian wheat.
The Indian government said it will permit the export of 2.50 million tonnes of wheat plus 500,000 tonnes of wheat products. The concession came amid growing protests from India’s large farmer bloc towards the country’s recent trade deal with the U.S.
