ICE Canola Gains Fade Into Losses

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were losing traction at mid-session Friday, seeing earlier gains turn into small losses.

Pressure on the canola was coming from declines in Chicago soyoil and European rapeseed. Gains in Malaysian palm oil along with those in Chicago soybeans and soymeal helped to stymie further losses. Small upticks in global crude oil prices provided a little bit of spillover for vegetable oils.

Producer deliveries of canola for the week ended Jan. 14 were not as impeded by the frigid temperatures across the Canadian

Prairies as was expected. For the week ended Jan. 14, deliveries of 247,000 tons were slightly more than the previous week.

Canola exports tumbled back to only 34,500 tons, but domestic usage rose to 200,400 tons.

Canola crush margins eased back with the old crop positions between C$170 to C$180 a ton above the futures.

By late-Friday morning the Canadian dollar was higher with the loonie at 74.27 U.S cents, compared to Thursday's close of 74.05.

 
Approximately 21,400 canola contracts were traded as of 11:22 EST, with prices in Canadian dollars per metric ton: 
 
Canola      Price           Change 
 Mar        631.30          dn 0.50 
 May        637.50          dn 1.10 
 Jul        641.70          dn 1.50 
 Nov        637.90          dn 2.80 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

01-19-24 1153ET