ICE Canada Morning Comment: Canola looking for positive traction
U.S. markets closed for July 4th holiday
By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were slightly higher on Friday morning in quiet holiday trading.
Activity will be somewhat muted today as the U.S. markets are closed for Independence Day.
Concerns over dry conditions on the Prairies and indications canola could be eligible for United States biofuel tax credits underpinned the oilseed.
Saskatchewan reported the oilseeds were furthest behind in their development among the province’s crops. However, the oilseeds were in fair to good condition.
Support for canola from comparable oils was mixed, with gains in European rapeseed but losses in Chicago soyoil and Malaysian palm oil. Declines in crude oil also weighed on the vegetable oils. Upticks in Chicago soybeans and soymeal spilled over into canola.
The Canadian Grain Commission reported year-to-date canola exports were nearly 9.11 million tonnes for the week ended June 29 compared to 6.03 million tonnes a year ago.
The Canadian dollar was lower on Friday morning, with the loonie slipping to 73.49 U.S. cents compared to Thursday’s close of 73.66.
Approximately 4,950 contracts were traded by 8:38 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 721.80 up 2.30 Jan 729.50 up 2.10 Mar 734.20 up 0.80 May 739.60 up 1.30
