Glacier FarmMedia COVID-19 & the Farm

ICE Canada Morning Comment: A correction in canola

By Glen Hallick, MarketsFarm

WINNIPEG, April 23 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Friday morning, as the market corrected after several days of gains.

Part of that included traders who have been looking to roll out of their May contracts before they expire.

There were losses in Chicago soybeans and soymeal, while soyoil was narrowly mixed. European rapeseed was mixed as well, with gains in its May contract. Declines in Malaysian palm oil weighed on values.

Tight canola supplies and dryness across the Prairies underpinned prices, but were countered by the likelihood of more canola being planted in 2021. Statistics Canada is scheduled to release its first survey-based planting projections for this year on Tuesday morning.

The Canadian Grain Commission reported producer deliveries of canola came to 377,100 tonnes for the week ended April 18, which was down about 17 per cent from the previous week. At 154,400 tonnes, canola exports jumped nearly 41 per cent. Domestic usage rose approximately 8.5 per cent at 224,200 tonnes.

The Canadian dollar was virtually unchanged with the loonie at 80.03 U.S. cents.

About 5,900 canola contracts had traded as of 8:40 CDT.

Prices in Canadian dollars per metric tonne at 8:40 CDT:

Price Change
Canola May 873.10 dn 4.50
Jul 829.90 dn 0.90
Nov 685.50 dn 8.50
Jan 683.50 dn 6.00

Commodity Future Prices

Canola
Price Change

Prices are in Canadian dollars per metric ton

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