WINNIPEG, Manitoba--Intercontinental Exchange canola futures attempted regain some of their losses Friday morning, despite mixed signals.
While Chicago soyoil and Malaysian palm oil were to the downside, European rapeseed pushed higher. There also were increases in Chicago soybeans and soymeal. Small upticks in global crude oil prices lent some support to the vegetable oils.
Scale-down end user buyer was likely providing some support to the Canadian oilseed, but demand continued to be lagging with a significant amount still in farmers' bins.
The Canadian Grain Commission reported year-to-date producer deliveries of canola as of Feb. 11 were down 16.6% from a year ago at 8.92 million tonnes. At 3.87 million tonnes, canola exports trailed last year by 28%. However, domestic use was up 5.2% of a year ago at nearly 5.81 million tonnes.
The Canadian dollar was relatively steady Friday morning, with the loonie dipping to 74.08 U.S. cents compared with Thursday's close of 74.11.
The last trade date for March grain options is set for Feb. 23 and the first notice day is Feb. 29.
Also, the markets in Canada and the U.S. will be closed for respective holidays on Feb. 19.
About 9,000 contracts had traded by 9:39 a.m. ET and prices in Canadian dollars per metric tonne were:
Canola
Price Change
Mar 573.00 up 6.00
May 582.50 up 5.50
Jul 592.30 up 5.50
Nov 598.80 up 5.90 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-16-24 1005ET
