ICE Canola Midday: Prices suddenly turn lower
As gains in soyoil evaporate, canola loses momentum
By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were falling back late Friday morning, after pushing higher by double-digits earlier.
An analyst said canola had been climbing thanks to gains in the other oilseeds, particularly the Chicago soy complex.
However, Chicago soyoil suddenly lost all of its increases today, with it slightly below unchanged.
Increases in Malaysian palm oil spilled over into canola, while European rapeseed stepped back. Gains in crude oil have evaporated, with it peeling lower and weighing on the vegetable oils.
The analyst also said the Prairie weather is a factor as well, providing some pressure with forecasts of much-need rain. Large areas of the southern Prairies are contending with very dry conditions.
The Canadian Grain Commission reported that canola exports for 2024/25 climbed to 9.23 million tonnes. With three weeks left in the marketing year, they might to reach Agriculture and Agri-Food Canada’s revised projection of 9.5 million tonnes.
Also, AAFC is set to release its July supply and demand report next week. For canola, the report will include Statistics Canada’s updated 2024/25 production estimate of 19.2 million tonnes.
The Canadian dollar was improving at mid-session Friday, with the loonie at 72.88 U.S. cents compared to Thursday’s close of 72.71.
Approximately 23,300 canola contracts were traded as of 10:48 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 695.90 dn 4.00 Jan 704.40 dn 4.30 Mar 710.50 dn 4.20 May 714.00 dn 5.00
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
