Canola drops with crude

Glacier FarmMedia – Canola futures on the Intercontinental Exchange were lower on Friday, following the direction of crude oil.

In an effort to reduce crude oil prices, the United States temporarily removed sanctions on Russian oil. Chicago soyoil and European rapeseed were down this morning, while Malaysian palm oil was higher.

The Canadian Grain Commission reported 113,500 tonnes of canola were exported during the week ended March 8, down from 203,000 the previous week. So far this marketing year, 4.587 million tonnes were shipped, compared to 6.324 million one year ago.

The Canadian dollar lost nearly one-half of a U.S. cent compared to Thursday’s close.

Nearly 14,900 contracts were traded. Prices in Canadian dollars per metric ton as of 8:48 CDT:

May  730.60  dn  3.70

Jul  740.60  dn  3.40

Nov  727.30  dn  3.20

Jan  733.20  dn  3.20

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