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ICE Canada Morning Comment : Canola Trading Choppy

07/23/2021 | 10:12am EDT

Intercontinental Exchange (ICE) canola futures were lower Friday morning, in choppy trading with gains in the front months.

Support was coming from increases in Chicago soyoil, European rapeseed and Malaysian palm oil. Meanwhile, Chicago soybeans and soymeal were pulling back.

The five-day weather forecast for the Prairies has called for continuing warm temperatures and little or no precipitation for the region, especially the southern and central areas.

The Saskatchewan crop report shook up the markets shortly before yesterday's close. Although prices had been pulling back larger losses, the report pushed canola into the green for a few moments, then ending the session mixed. The province's canola rated a mere 18% good to excellent as drought and insects have taken their toll on this year's crop.

The Canadian Grain Commission reported producer deliveries of canola for Week 50 of the marketing year were 172,900 tonnes and down 8.1% from the previous week. At 97,000 tonnes, canola exports jumped more than 380%, while domestic usage rose 19.2% at 189,200 tonnes.

The Canadian dollar was relatively steady this morning, with the loonie at 79.51 U.S. cents compared to Thursday's close of 79.57.

About 3,100 canola contracts had traded as of 9:41 ET.

Prices in Canadian dollars per metric tonne at 9:41 ET:

    Price Change 
    Canola 
Nov 880.50 dn 0.80 
Jan 865.00 dn 1.70 
Mar 847.80 dn 2.60 
May 828.70 dn 3.00 
 

(END) Dow Jones Newswires

07-23-21 1011ET

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