ICE Canola Pressured by Oils, Grains

WINNIPEG, Manitoba--The ICE Futures canola market retreated on Friday in the middle of an overall down day for grains and comparable oils.

The Canadian Grain Commission reported only 101,100 tons of canola exports during the week ended March 17, less than half from the previous week. Cumulative exports for the 2023-24 marketing year total 3.786 million tons, down 33.5% from last year.

Chicago soyoil, European rapeseed and Malaysian palm oil all saw negative price movement. Crude oil prices also had modest declines.

The Canadian dollar was down one-third of a U.S. cent compared to Thursday's close, limiting canola's losses.

One analyst claimed that farmer selling was bringing down soybean prices, while another said there may be a plateau in palm oil prices. Both events were likely spilling weakness over to canola.

About 18,800 contracts have traded at 10:13 CDT.

 
Prices in Canadian dollars per metric ton: 
 
            Price           Change 
 May        632.40          dn 10.50 
 Jul        642.30          dn 10.10 
 Nov        650.60          dn 9.90 
 Jan        659.30          dn 9.00 
 

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

(END) Dow Jones Newswires

03-22-24 1144ET