ICE Canola Midday: Oilseed trying to recover
StatCan reports stronger November crush
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were mostly lower by late Friday morning, as trading resumed following Christmas and Boxing Day. However, those declines were softer than those in the overnight session.
Pressure on the Canadian oilseed came from losses in Chicago soybeans and soymeal as well as in European rapeseed. Those declines were tempered by gains in Chicago soyoil and Malaysian palm oil. Modest upticks in crude oil underpinned the vegetable oils.
Statistics Canada reported the November canola crush was nearly 1.02 million tonnes compared to 908,261 tonnes the previous November. Also, oil produced came in at 427,366 tonnes, up from 386,867 a year ago and meal produced was 595,085 tonnes versus 526,448 last year.
The heavily traded March canola contract remained above its 20-day average and stood a little short of its 100-day average.
The Canadian dollar was lower at mid-session Friday, with the loonie at 69.40 U.S. cents compared to Tuesday’s close of 69.51.
Today is the last trading day for January futures with first notice day set for Tuesday.
Approximately 18,300 canola contracts were traded as of 10:23 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Jan 623.10 up 3.10 Mar 618.80 dn 1.00 May 623.50 dn 1.90 Jul 626.70 dn 1.40
