WINNIPEG, Manitoba--Intercontinental Exchange canola prices remained lower as the selloff in the futures and equities markets continued for a second day.
"It's not a huge selloff," an analyst said Friday, noting global crude-oil prices were recovering from Thursday's steep losses.
The analyst also cautioned the markets should avoid putting too much into the forecast for rain in Brazil. The severe dryness in the central and northern areas of country will need more rain than what is forecast to help the soybean crops.
Meanwhile, as Chicago soyoil made small gains, pressure on canola came from declines in European rapeseed and Malaysian palm oil.
Losses in Chicago soybeans and soymeal also weighed on values.
The Canadian Grain Commission reported producer deliveries of canola for Week 15 were 281,000 metric tons, down slightly from the previous week. Exports more than doubled to 146,600 tons, while domestic usage eased to 176,800 tons.
The Canadian dollar was slightly higher at 72.87 U.S cents compared to Thursday's close of 72.73.
Approximately 15,800 canola contracts traded as of 11:22 a.m. EST.
Prices in Canadian dollars per metric ton:
Contracts Price Change Jan 701.00 dn 5.80 Mar 705.30 dn 7.10 May 708.90 dn 6.90 Jul 713.00 dn 6.40
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
11-17-23 1159ET
