ICE Canola Morning Comment : Weakness in Soy Complex Pulls Down Canola

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were lower Friday morning.

Pressure came from a downturn in Chicago soy complex. Meanwhile, European rapeseed was narrowly mixed and Malaysian palm oil finished with strong increases. Gains in global crude oil prices provided support to vegetable oils.

Canola crush margins remained quite wide, underpinning values. The Canadian Grain Commission reported producer deliveries of canola for the week ended Jan. 22 were 502,900 metric tons, down slightly from the previous week. While canola exports stepped back 23% on the week to 174,700 metric tons, domestic usage rose 30% to 298,000 metric tons.

The Canadian dollar nudged up a little on Friday morning, with the loonie at 74.98 U.S. cents compared with Thursday's close of 74.91.

About 5,650 contracts had traded as of 9:37 a.m. EST.

Prices in Canadian dollars per metric tonne at 9:37 a.m. EST:

 
               Price    Change 
Canola    Mar  802.90  dn 3.20 
          May  803.00  dn 4.10 
          Jul  805.50  dn 4.00 
          Nov  791.40  dn 3.10 
 
 

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

(END) Dow Jones Newswires

01-27-23 1004ET