ICE Midday: Canola losses grow ahead of weekend

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market extended its tariff-related slide on Friday amidst mostly positive sentiment in comparable oils.

Chicago soyoil and Malaysian palm oil are higher, while crude oil moved up partly due to a weaker United States dollar. However, European rapeseed was lower.

One analyst said canola crushers could start hedging profits or go ahead with forward sales of oil and meal to Europe. Another said growing flax could be a profitable option for canola growers looking to shift away from the oilseed.

The Canadian Grain Commission reported on Thursday that canola exports totaled 197,200 tonnes for the week ended March 9, 87 per cent higher than the previous week. Canola exports this marketing year so far are at 6.32 million tonnes, compared to 3.44 million last year.

The Canadian dollar was up one-tenth of a U.S. cent compared to Thursday’s close.

About 21,000 contracts have traded at 10:16 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

May 564.40     dn  2.50

Jul 577.40     dn  2.60

Nov 586.60     dn  3.20

Jan 594.10     dn  3.50